Estate agency branches recorded an average of 81 new buyer registrations in February 2025, down from 87 the previous month, according to Propertymark’s latest Housing Insight Report. The figures reflect a moderation in buyer activity, potentially linked to the recent revisions to Stamp Duty thresholds in England and Northern Ireland.

While the number of new applicants declined, the average number of viewings per available property increased slightly, reaching 2.7. This suggests that although overall interest may be softening, those still searching remain committed to the process.

Sales instructions showed little variation, with an average of 10.7 properties listed per branch. This indicates relative stability on the supply side of the residential sales market.

In the private rental sector, supply constraints remained evident. The average number of rental properties available per branch fell to 10.41. During the same period, branches reported an average of 7.72 newly agreed tenancies.

Demand for rental accommodation continues to exceed availability, with each property attracting an average of 10 applicants. The imbalance between supply and demand remains a persistent feature of the lettings market.

Nathan Emerson, Chief Executive of Propertymark, commented on the current state of the sales market: “It’s likely that we will now see a return to a normal pace in the sales market now that the Stamp Duty threshold changes have taken effect in England and Northern Ireland.

“This spurred on a spike in momentum which is likely to tail off in line with previous trends seen on the back of property tax changes.

“Moving forward however, these additional Stamp Duty changes will likely be absorbed into the overall price of the property allowing a healthy mix of properties and prospective buyers to continue as we move into the historically popular spring and summer months to buy and sell.”

Addressing the rental market, Emerson added: “In the lettings market, there remains no significant progress in the number of available properties to rent, therefore widening the gap between supply and demand.

“We need UK Government support to revitalise the market and incentivise investment before it’s too late.”