Wednesday, September 05, 2012
The housing market experienced an overall decrease in activity
in July, according to the National Association of Estate Agents
View the July Housing Market Survey here
The NAEA's monthly market report found that demand for housing
had reduced slightly, and fewer sellers were putting property on to
NAEA agents have attributed this slowdown to the start of the
Olympic events in London at the end of the month, which proved a
distraction for prospective buyers and sellers and compounded the
traditionally quiet summer holiday period.
The average agent in July had 293 registered house hunters, down
slightly from 294 in June. Supply was also down slightly, with
agents reporting an average of 61 properties on their books,
compared to 63 in June.
The percentage of sales being made to first time buyers (FTBs)
also decreased from 19% to 18%. Despite these decreases, sales
remained at an average 7 per branch for the fifth consecutive
Mark Hayward, President of the NAEA, said: "As anticipated,
the build-up and opening few days of the main Olympic events in
July had a negative impact on activity in the UK housing
"Particularly in the London regions, our agents found that
many buyers and sellers were opting to postpone viewings and
completions on properties until late August and into early
"The drop in first time buyer levels is a continuing concern
for the NAEA, especially in light of recent announcements from some
of the major high street lenderswhich detail increases in rates on
some mortgage products.
"We are hopeful that this week's appointment of Mark Prisk
MP as the new Housing Minister will signal a more concrete
commitment of support from Government to ensure more noticeable and
sustainable improvement in the housing market."