Despite a 3% decrease in the number of potential buyers, agents reported an 18% increase in new properties coming to market in February compared to the previous month.
The average number of new prospective buyers registered per branch shot up in January 2024, but momentum appears to have slowed with fewer buyers registered in February 2024 than in February 2023.
Viewing numbers have also decreased, although they are broadly in line with the same period in 2023.
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Nathan Emerson, CEO of Propertymark, said: "Interest rates remain challenging, GDP has stagnated and broader economic indicators, such as mortgage arrears are trending upwards.
“However, there is light at the end of the tunnel, with inflation continuing to fall.
"In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce.
“On the supply side, our members are busy with new instructions, which is increasing stock levels.
“This imbalance may lead to further price corrections but only in the short-term.
"As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors."
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