Property Market bounces back as buyers push through summer transactions
Property Market: The number of sales agreed per branch increased by 13 per cent in June, but is still lower than this time last year, supply of housing rose while demand dropped, and sales to first-time buyers (FTBs) increased.
NAEA Propertymark is today issuing its June Housing Report.
Sales per branch and sales to first-time buyers (FTBs)
- The number of sales agreed per branch rose from eight in May to nine in June, as buyers push through summer property transactions
- However, this is 18 per cent lower than June last year when agents agreed a total of 11 sales per branch
- The proportion of sales made to FTBs rose by five percentage points to 29 per cent in June – the highest amount recorded since February.
Supply of properties
- The number of properties available per branch rose in June, from 37 to 39
- Year-on-year this is a five per cent increase, as agents also marketed 37 properties in June 2017. Looking at a five-year comparison, the number of properties available is down 15 per cent from 46.
Demand for housing
- The number of house hunters registered per estate agent branch decreased by 12 per cent, from 351 in May to 308 in June
- This is the lowest number of buyers recorded since March this year and a fifth (20 per cent) lower than June 2017, when 384 prospective buyers were registered per branch.
Mark Hayward, Chief Executive, NAEA Propertymark said:
“We have seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period. If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering, or refreshing the décor.”
Kindly shared by NAEA Propertymark
