Homebuyers are Pushing Through with Summer Transactions, Reports NAEA

Homebuyers are pushing through with summer transactions, as property sales rose in June, according go the latest Housing Report from NAEA Propertymark (the National Association of Estate Agents).

Property sales 

The average number of property sales agreed per estate agency branch was up from ten in May to 11 in June, the report shows.

It’s good news for first time buyers, as the proportion of sales made to this category rose to 30% in June – the highest amount since January.

Housing demand 

The number of house hunters registered per estate agency branch increased by 10% last month. In May, there were 350 per branch, compared to 384 in June. This is also a 16% rise on June 2016, when 330 potential buyers were registered.

Property supply

Indicating that the gap between supply and demand is increasing, the average number of properties available per member branch dropped in June, from 40 in May to just 37.

Sale prices

Just 2% of properties sold for more than their asking prices in June – down by one percentage point on May.

The number of homes that sold for less than their asking prices rose, however, to 79% in June – up by 2% on May’s figure.

The Chief Executive of NAEA Propertymark, Mark Hayward, comments on the latest report: “In May, we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June, however, it seems the market has bounced back, with the number of house hunters rising.

“Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales, which is typical of this time of year, as buyers and sellers push through their property transactions ahead of the quieter summer months.”

Details of the previous month’s Housing Report can be accessed here: /3-properties-sold-may-asking-price/