This report is based on responses to a survey of Propertymark member agents conducted in Q1 2024. The analysis is based on data provided by around 30 agents across the UK. The report also contains a variety of third-party data including data from the Bank of England, the Office for National Statistics and HM Land Registry.
Economic outlook
Inflation continues to trend downwards
Depending on the measure selected, inflation remained static or continued to trend downward in March 2024. Specifically, in the 12 months to March 2024, inflation was 3.8% as measured by CPIH, 3.2% as measured by CPI and 4.3% as measured by RPI.
Biggest issues facing auctioneers
We asked our members what issues they faced in Q1 2024. A variety of themes emerged. For example, some members reported staffing challenges including a ‘shortage of staff’,
difficulties ‘recruiting experienced qualified staff’ and ‘high wage costs’. Others reported that ‘managing client expectations’ was a key issue with a gap emerging between seller and buyer expectations.
However, by far and away the largest issue facing auctioneers/valuers in Q1 2024 relates to securing ‘good stock’ for sale:
