Monthly UK Housing Market Report
NUMBER OF HOUSE BUYERS FALLS BY A THIRD YEAR ON YEAR
- Demand at lowest seen since November 2013 and a third (35 per cent) lower than July last year
- Supply of housing increased marginally in July
- The number of sales made to first time buyers (FTBs) decreased by five per cent from June
- In July, eight out ten of the properties sold were for less than the original asking price
Demand for properties
In July, the number of house hunters registered per member branch dropped to an average of 298, from 330 last month. This is the lowest seen since November 2013, when 292 buyers were recorded and a third (35 per cent) lower than in July last year, when 462 prospective buyers were registered per branch.
Supply of properties
Last month, the supply of houses available to buyers increased marginally, from 37 properties available to purchase per branch in June, to 38 in July.
Properties sold at asking price
Last month, eight out of the ten properties sold per member branch were for less than the original asking price – an increase of eight per cent from June.
Sales to FTBs and sales agreed
The number of sales made to FTBs decreased in July – from 30 per cent of total sales made to the group in June, to 25 per cent.
In July, the number of sales agreed per member branch remained at eight.
A third (31 per cent) of estate agents reported that there has been no changes in the housing market since Brexit and everything is business as usual.
A further third (31 per cent) of agents stated that the interest from foreign investors has remained the same.
Mark Hayward, Managing Director, National Association of Estate Agents (NAEA) says: “We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months.”