Boost as first-time buyer sales rise rapidly after lockdown

Few figures for the housing market can be truly representative in the current circumstances but NAEA Propertymark’s latest snapshot is showing a rise in house-hunters registering with agents, with a boost in first-time buyer sales.

The report says during May the number of house hunters registered per NAEA member branch rose seven per cent increasing from 322 in February – pre-lockdown – to 344.

The number of properties available per member branch stood at 35 in May. Year-on-year, the supply of housing fell by 15 per cent from 41 per branch in May 2019.

First-time buyer numbers were promising, with sales to FTBs standing at 32 per cent in May, a rise from February’s 22 per cent.

In May, 70 per cent of properties sold for less than the original asking price.

NAEA Propertymark chief executive Mark Hayward says:

“It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols and the demand for viewings soaring, we are set for an exciting summer.

“It will be interesting in the coming months to see if the lifestyle changes triggered by the COVID-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”

Kindly shared by Estate Agent Today