Tuesday, July 31, 2012
BAD WEATHER FAILS TO DETER HOUSEHUNTERS IN
Return of the 'serious househunter' -
Download the NAEA Market Report for June
Despite being the wettest June on record, the bad weather failed
to deter serious househunters, according to estate agents.
The National Association of Estate Agent's (NAEA) housing market
report for June revealed an increase in the number of househunters,
with 294 registered per branch during June compared with 274 in May
(294). This shows strong growth compared to last June's figures
(June 2011 - 263).
In May, buyer interest suffered as a result of the end of the
Stamp Duty Holiday, however NAEA agents reported the return of the
'serious househunter' to the market in June, looking to secure a
purchase before summer holidays and events such as the Olympic
Games take place.
House sales remained stable with an average of 7 recorded per
branch in June, marking a fourth consecutive month at this
Encouragingly, first time buyer levels also saw a slight
increase with a 19 per cent market share in June compared with 17
per cent in May. However, this is still down on year-on-year
figures. In June 2011, first time buyers represented a 21 per cent
share of the overall property market.
NAEA President Mark Hayward said, "After the bad news for first
time buyer levels last month, it is pleasing to see that the market
is showing some signs of resilience in the face of challenging
conditions and we should welcome signs of the return of the serious
"Although year-on-year data is less encouraging, it should be
tempered with the fact that the UK is now in the grip of a deeper
recession than previously predicted. It remains to be seen how
wider economic developments - such as the recent shrinking of the
UK's GDP in Q2 - will affect supply and demand levels, however NAEA
agents are already predicting a slowdown in activity."