Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

Buyer Demand Drops as Agents Urged to Focus on Buyers, Not Just Sellers

Zoopla has reported that buyer demand in May is down 10% year-on-year, while Rightmove states that buyer choice is at its highest level since 2015. This shift means buyers are negotiating harder, offering less, and are more willing to move on if their terms are not met.

For much of the past decade, the UK property industry has focused on winning instructions and keeping sellers satisfied. However, the current market conditions suggest that committed buyers have become the scarcest commodity, rather than available stock.

Despite this change, the industry remains largely geared towards sellers, often treating buyers as portal leads or viewing appointments. The report highlights that an instruction without a buyer can quickly lead to a price reduction, and that agents who actively engage with buyers—understanding their needs and preferences—are more likely to succeed.

The article also notes that while technology and AI can provide market data, they cannot replace the value of experience, relationships, and local market knowledge in identifying motivated buyers and realistic sellers.

Additionally, the report suggests that the industry should embrace providing more upfront information to buyers, such as legal details, survey information, and repair costs, to increase buyer confidence and facilitate transactions.

The current market is described as undergoing a significant reset, with the balance of power shifting from sellers to buyers. Agents with the widest range of options for buyers are expected to be the most successful in the coming years.