BUSINESS AS USUAL FOR SELLERS, WHILE BUYERS PUT PLANS ON HOLD
The latest Housing Report has found demand from prospective buyers fell from December to January – decreasing by a fifth year-on-year since January 2018.
Supply of available properties was also down last month, falling 14 per cent from 42 in December to 36 per member branch the previous month.
However, sales agreed per branch increased from an average of five per branch in December, to seven in January. And sales to first-time-buyers (FTBs) were also on the up for the second month running, rising to 26 per cent, from 24 per cent towards the end of last year.
Mark Hayward FNAEA Chief Executive NAEA Propertymark:
“January is usually the time where we’d expect to see house hunters flood the market following the festive lull; however, this didn’t happen last month. It’s normal that during a period of uncertainty, buyers put their plans on hold, and until there’s further clarity on what Brexit will mean for the market, we expect the level of house buyers to remain stagnant.
“However, it’s clear that people still want to sell their homes, and there’s properties available for those looking to move. While FTBs are taking advantage of this situation, those hoping to secure a property may well find the market is leaning in their favour, as the number of sales agreed per branch return to the level seen at the start of 2018. Although sellers are usually keen to hold off until they secure the ‘right price’, when the market is slow, they are typically more willing to negotiate. After all, when demand falls, and supply remains the same, it’s a buyers’ market.”