Good news for sellers – buyer demand is on the rise again with more people registering with estate agents in July. But the bad news? The difference between what sellers want and buyers will pay is getting wider.

Propertymark, the experts in all things housing, say their members saw an average of 71 new buyers sign up each in July, up from 69 in June. This increase in demand led to a 5% jump in the number of homes actually being sold, with the average estate agent securing 4 sales in July.

Price Gap Widens

While more buyers are out there, it seems not everyone is ready to pay the asking price. Propertymark’s data reveals a growing gap between what sellers are asking and what buyers are prepared to pay. This could mean tough decisions for sellers hoping for a quick sale.

Rentals Still in High Demand

Renters haven’t disappeared either. Although demand dipped slightly in July (likely due to summer holidays), there were still an average of 8 people looking to rent for every available property. This continues to squeeze the rental market, although the report did note that 44% of landlords kept rents the same, while 15% actually lowered them.

Expert View

Nathan Emerson, the CEO of Propertymark, reckons that despite a change in government and some typically unpredictable British weather, the housing market is holding up. He believes demand from buyers remains strong.

He also highlighted the ongoing challenges in the rental market, urging the government to do more to support both landlords and renters.

What About House Prices?

The report also highlighted the fact that the cost of living is still putting pressure on homeowners, with housing costs 7% higher than this time last year. All eyes are now on the Bank of England to see if they’ll cut interest rates again soon, which could make mortgages cheaper and breathe some life into the market.

So, what does this all mean for you?

• Buyers: Don’t be afraid to negotiate. The gap between asking and selling prices suggests you hold some power.
• Sellers: Be realistic about your asking price. You might need to be flexible to secure a sale.
• Renters: Be prepared for competition, but also for potential opportunities as some landlords adjust their strategies.