NAEA Propertymark August Housing Market Report

SALES TO FIRST-TIME BUYERS AT
A THREE YEAR LOW


 

 

First time buyer (FTB) sales were strong in June and July, standing at 29 and 30 per cent respectively, however, they fell in August with just 20 per cent of sales made to the group. This is the lowest figure recorded since August 2015 when 20 per cent of sales were also made.

 

Demand for housing

The number of house hunters registered per branch, rose by six per cent month-on-month, from 303 in July to 320 in August.  Year-on-year, however, demand is down seven per cent, as there were 343 prospective house hunters registered on estate agents’ books in August 2017.

 

Supply of properties and sales agreed

Properties available to buy fell for the first time since April, from 41 per branch in July to 40 in August. With the number of sales agreed per branch increased marginally in August – from eight to nine.

Mark Hayward, Chief Executive, NAEA Propertymark said: “Every year the housing market slows down over the summer. The kids are off school, it’s warm outside, and the allure of a few weeks on the beach is more attractive than house-hunting or trying to sell your home. Last month we saw FTBs taking advantage of these market conditions, with sales to the group rising to 30 per cent, and while we expected this to be short-lived, we hoped it would at least last the summer.

 

“In September, buyers typically storm the market in a bid to complete sales in time for Christmas. However, it looks like this year’s heatwave encouraged more house-hunters to stay at home in August and continue their searches, which has in turn increased competition and pushed FTBs out of negotiations.”

 

 

Mark Hayward FNAEA

Chief Executive, NAEA Propertymark

 

 

 

 

By | 2018-10-02T16:22:16+00:00 October 2nd, 2018|Categories: Buying, Sales, Selling|0 Comments

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