Thursday, August 18, 2011
NAEA: SUMMER SPIKE IN DEMAND
FOR PROPERTY
House-hunters buck traditional
holiday trend
There was a surge in enquiries for property to purchase during
July, according to estate agents.
Our latest market report for July showed a sharp increase
in the number of house-hunters registering at its branches across
the UK. While there is some regional fluctuation, on average agents
reported 299 people on their books for the month, up from 263 in
June and the highest figure in over two years (May 2009; 299).
Supply levels across the country decreased slightly with NAEA
agents reporting 70 properties available per branch, down from 74
in June. This is still higher than year-on-year figures where in
July 2010, only 68 were recorded.
As is usual for the time of year, sales dropped slightly from an
average of 9 per branch to 7. However, the proportion of sales made
to first time buyers increased from 20 per cent in June to 21 in
July.
NAEA President Wendy Evans-Scott said: "It is great to see that
interest in property has reached a two year high, especially at a
time when, traditionally, estate agents experience a lull in
activity as people take a holiday abroad instead of house
hunting.
"It seems that people are beginning to reconsider their options
when it comes to buying a property. With many sellers now being
more realistic about pricing, we hope the market will rejuvenate in
the coming months."