Housing Report, September 2019

FTB SALES HIT SEVEN-MONTH HIGH AHEAD OF BREXIT DEAL

Key Findings

  • The number of sales agreed fell for the first time in four months whilst sales to FTBs increased to the highest level seen since February
  • The number of prospective buyers fell by 11 per cent
  • Supply of available housing decreased

Sales to FTBs

  • The number of sales made to FTBs increased in September, to 30 per cent. This is the highest figure seen since February.
  • Year-on-year, this is an increase of eight percentage points from September 2018 when it stood at 22 per cent.

House Hunters

Figure 1: Number of house hunters per branch

Sales agreed

  • The number of sales agreed per member branch fell to eight in September, the first time it has decreased since April.

Demand for housing

  • The number of house hunters registered per estate agent branch decreased in September, from 433 to 387
  • Year-on-year, housing demand is up, rising from 338 house hunters per branch in September 2018.

Supply of available properties

  • The number of properties available per member branch also fell in September, from 44 in August to 40
  • Year-on-year, the supply of housing is down, falling from 46 in September 2018.

“Despite a fall in demand from house hunters, first-time buyers have continued to show resilience as they take advantage of favourable market conditions and drive their transactions forward. The recent mortgage data released from UK Finance shows the number of first-time buyer mortgage completions reached its highest monthly level in August 2019 since August 2007, further highlighting this trend.”

“Low or no stamp duty on lower-priced properties have proved to be a big reason behind this boost in the FTB market, however they could also be concerned that the market may turn against them if a Brexit deal is achieved and are buying now to avoid that scenario. Until we are clearer on what the future holds, it’s likely we’ll continue seeing the number of first-time buyer sales rising.”

Mark Hayward

Mark Hayward

Chief Executive

Housing Report

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