Home » Uncategorised »
Supply of Homes to Buy Rises by 15%, Reports NAEA Propertymark
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The supply of homes to buy rose by 15% in September, according to the latest Housing Report from NAEA Propertymark (the National Association of Estate Agents).
Homes to buy
The number of available homes to buy increased by 15% in September, from an average of 40 per NAEA Propertymark member branch in August to 46.
This is the highest number recorded since March 2016, when an average of 54 homes to buy were available on estate agents’ books, and the highest for the month of September since 2014, when 51 properties were available per member branch.
Demand for housing
The number of home hunters registered per member estate agent also increased, by 6% month-on-month, from an average of 320 in August to 338 in September.
Despite this short-term trend, demand for housing is down by 14% on an annual basis, as 394 home hunters were registered per branch in September 2017.
Agreed home sales
Following a three-year low for first time buyer sales activity in August, transactions within the group rose marginally in September, up by two percentage points to 22% of all sales.
The number of home sales agreed per member branch remained the same, with an average of nine recorded.
The Chief Executive of NAEA Propertymark, Mark Hayward, responds to the figures: “Buyers and sellers always tend to flood the market in September with the hope of completing their transactions before the festive period kicks off. Therefore, the summer is usually a good time for first time buyers to enter negotiations and try to secure a property.
“However, this summer’s heatwave led to an unusually busy August, as house buyers and sellers opted to stay at home rather than heading abroad for their summer holidays. This boosted competition and meant sales to first time buyers were down. We hope that, during next week’s Autumn Budget, the Chancellor announces further measures to improve market conditions for first time buyers.”
He adds: “Ultimately, the only thing which will make the housing ladder more accessible is reduced competition, which comes down to supply.”
