Housing market remains cautious amongst political uncertainty
The number of sales agreed fell to the lowest seen in eight months whilst sales to first-time buyers rose in November, according to NAEA Propertymark’s Housing Market Report.
The number of prospective buyers fell by nine percentage points, and the supply of available housing remained the same.
Supply and Demand
The number of house hunters registered per estate agent branch decreased in November, from 341 to 332. This is the lowest figure seen since July. Year-on-year, housing demand is up, rising from 282 house hunters per branch in November 2018.
The number of properties available per member branch -39 – remained the same in November. Year-on-year, the supply of housing is up, rising from 35 in November 2018.
The number of sales agreed per member branch fell to seven in November, the lowest it has been since March.
The number of sales made to FTBs increased marginally in November, to 28 per cent. Year-on-year, this is an increase of five percentage points from November 2018 when it stood at 23 per cent.
Mark Hayward, NAEA Propertymark Chief Executive, said:
‘It’s no surprise that activity in November has hit a lull, as buyers and sellers hold off on purchases until the outcome of the General Election and Brexit is clear. This is coupled with the seasonal time of year, as Christmas festivities typically taking priority over any plans to buy or sell, as the number of sales agreed hit an eight-month low.
‘The housing market now has reassurance from a Government, which will, in turn, inject some confidence in the market for both buyers and sellers. Now the political impasse is resolved and it’s clear how and when we’ll be leaving the EU, we hope there will be a degree of certainty which may trigger a flurry of activity’
Kindly shared by NAEA Propertymark