Demand for properties in Britain rose in June, but the supply of accommodation fell, according to the most recent housing report from the National Association of Estate Agents (NAEA).
The number of sales agreed per member branch increased from 10 in May to 11 in June. In addition, the proportion of sales made to first-time buyers was up by 30% – the highest rate since January.
Property Hunters
Furthermore, data from the report indicates that the number of house hunters registered per estate agent branch rose by 10% in the last month. During May, there were 350 per branch, in comparison to 384 in June.
This represented a 16% increase from June 2016, when 330 potential buyers were registered per branch.
It appears that the gap between supply and demand is also rising, with the number of properties available per branch falling from 40 in May to 37 in June.
Buyers are also apparently driving a hard bargain, with only 2% of properties sold for over the asking price in June. This was a decrease of 1% month-on-month, with the overall number of homes sold for under the asking price rising to 79%.
Housing market demand rebounded in June
Bouncing Back
Mark Hayward, NAEA Chief Executive, noted: ‘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,’ [1]he added.
[1] http://www.propertywire.com/news/uk/uk-housing-market-demand-bounced-back-june-latest-estate-agent-data-shows/