While both sectors remain resilient, there is much that the next government can do to support buyers, renters such as improving the home buying/renting process and professionalisation of the sector via the regulation of agents. More broadly there is a need for a review of property taxes to make changes which stimulate supply and demand.

Although challenges remain, key economic indicators give cause for optimism. GDP is trending upward, and inflation is edging closer to the Bank of England’s target. Member sentiment varies by sector, but there is notable positivity in the Land and Yards and Industrial sectors. Supply and demand imbalances remain, most notably in the Pubs and Restaurants sector, which continues to be impacted by changing trends.

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. Our Fine Art and Chattels members report that 2024 has started buoyantly with plenty of bidders keen to get out of the blocks and acquire lots at all price levels and across all fields of collecting and furnishing.

It is clear from member sentiment, that economic uncertainty, and interest rates in particular, are continuing to weigh on the commercial property market. Supply and demand imbalances continue in key sectors, suggesting that there will be a challenging start to 2024.

For the last quarter of 2023 in the property auction sector, catalogue numbers continued to grow substantially, although high numbers of properties continue to be withdrawn before auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors. In the goods, chattels, and fine art sector there continues to be a plentiful supply of buyers to create competitive open market bidding in all sectors.

In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. Rents continue to fluctuate by location and property type, although there are some signs of stabilisation. 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.

In this report, we share insights into the Renters (Reform) Bill from the perspective of landlords, which was obtained via Propertymark letting agent members' landlords. If the Bill is implemented, landlords whose properties are managed by Propertymark member agents will receive professional support to assist with implementation and compliance. However, it remains to be seen if the UK Government plan to provide further guidance, and whether it is sufficient to support self-managing landlords.

The lack of an evidence-based approach to the private rented sector (PRS) by the Scottish Government is impacting the effectiveness of the sector in assisting with Scotland's housing crisis, according to the findings of a Chartered Institute of Housing Scotland and Fife Council report which urges Ministers to demonstrate leadership.

The new year has arrived and those who had delayed moving at the end of last year have returned to the market on mass. However, there has been little change in the economic environment that households must contend with. Interest rates are stable but are higher than those seeking mortgages or re-mortgages would prefer and inflation remains some way off UK Government targets.

December marks the end of an interesting and challenging year within the property market. In the wider economy interest rates have stabilised, however, inflationary concerns remain, and GDP growth has been anaemic. In response to these and other factors, house prices have fallen in some areas. In the PRS, tinkering by the UK and devolved governments and continued strong demand has caused rents to rise.

In this report, we share insights into the Renters (Reform) Bill from the perspective of letting agents, a key force for change within the sector. The research, conducted with a geographically representative sample of Propertymark letting agent members, provides valuable evidence, which policy makers can use to help shape the Bill in its final stages and thereafter inform its implementation.

Despite inflation moving in the right direction, economic uncertainty continues to affect auction markets and beyond with many members expressing concerns. In the property auction sector, catalogue numbers have continued to grow substantially, although high numbers of properties continue to be withdrawn prior to auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors.

Economic uncertainty continues to pervade the UK economy and housing markets. In the residential sales sector, seasonal trends are undoubtedly weighing on market performance. In the lettings sector, supply and demand remain relatively static, but imbalanced with the equivalent of nine new applicants registered for each available property.

The Autumn statement had an upbeat feel and yielded some positive news for the housing industry. However, this is no time to celebrate while the cost-of-living crisis continues to limp on. In the letting sector, the number of new prospective tenants registered per member branch has decreased month on month since July 2023.

The base rate was held in September, GDP is growing slowly, the construction materials price index is decreasing, and Propertymark Commercial agent sentiment is increasing in several key areas. However, economic uncertainty remains and improvements in sentiment are generally from a low base.

There has been a slight reduction in available properties for sale and this reflects ongoing market uncertainty. More concerningly, the vast majority of properties continue to sell below asking price pointing to a pricing correction despite average house prices continuing to rise. Governments across the UK continue to tinker with legislation and legislative programs, disincentivising landlords along the way. Supply in the PRS remains tight with far more applicant registrations than properties available.