Confidence improves in what remains a challenging housing market

confidence-improves-in-what-remains-a-challenging-housing-market

Propertymark’s Q1 2024 Auctions Barometer has brought an overall air of positivity, although it has highlighted there are still some hurdles to overcome in what continues to be challenging housing market.

Some 58% of members stated that the number of lots available for all auction types surged in Q1 2024 compared to Q4 2023, while 94 per cent of members stressed that the number of lots achieving their reserve price stayed the same or increased in Q1 2024 compared to the previous quarter.

Just over a third – 39% – of members also said that the number of lots exceeding their reserve price increased significantly in Q1 2024 compared to the previous quarter.

But when quizzed about what challenges they witnessed in Q1 2024, a variety of themes emerged. These included ‘a shortage of staff’, problems ‘recruiting experienced, and qualified staff’. Others reported ‘managing client expectations’ was a central problem with a gap emerging between seller and buyer expectations.

Although, as always, the biggest issue auctioneers and valuers are experiencing is securing ‘good stock’ for sale.

Richard Worrall, NAVA Propertymark president, said: “2024 has started well. In the residential and commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates. Catalogue numbers remain strong and registered bidder levels are also high. Results from early sales this year show a strong appetite for well-priced properties of all types with buyers out in force for good quality properties.”

Nathan Emerson, CEO at Propertymark, added: “It is encouraging to see our members’ performance improve in tandem with the overall economy. Despite this, challenges remain, including increasing costs. Our members are also working hard to manage the expectations of buyers and sellers to secure new lots. Overall, our members are cautiously optimistic about the remaining 2024 outlook.”

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