Agents being trained for 'normal sales market'

Agents are being trained in how to operate in a ‘normal’ sales market, a senior industry executive has revealed.

Gareth Samples, chief executive of The Property Franchise Group, has said many professionals now in the sector aren’t used to what a normal market looks like after the recent busy years that agents have faced.

Speaking during a housing market update recorded by property presenter and MoveIQ founder Phil Spencer, Samples said demand is at a similar level to 2022 but sales are down, while there are regional differences with the north performing better than the south.

He said viewing levels are still good and people are taking longer ot make decisions, which he attributed to higher mortgage rates.

Samples said there was nothing to panic about in terms of buyer and seller sentiment, adding;  “we are going into a normal market.

“It will be tougher but the good agents will rise to the top.”

“There were 20 buyers for every property in 2021/2022.

“The amount of abortive work the agent did was huge.

“Offices are getting used to redirecting where they put their effort, we are focused on training and taking them back to the normal market.

“A number of the people will never have operated in the market that was 2019.”

He also suggested the market would be helped by buyers who would have typically used the soon-to-be closed Help to Buy scheme now being catered for in the secondhand homes market.

The video – recorded before Nationwide data this week showed an annual fall in house prices and the Bank of England revealed mortgage approvals are down - also featured Propertymark chief executive Nathan Emerson and Rightmove’s director of property science Tim Bannister.

All three agreed that the market was tougher and slower but appear unconcerned about falling house prices and a slump in sales.

Emerson said: “There is a slight consolidation in the market. I would rather have something that is controlled than not. It is the start of a return to a normal market.

We are seeing differing levels in some areas that are massively busy and others have gone quiet.

“A rebalancing is taking place but there is momentum going through the pipelines.”

Watch the full video below: