No end in sight to UK’s housing shortage

No end in sight to UK’s housing shortage

Todays other news
The current controls come to an end on March 31...
The agency is also seeking other partnerships in Portugal...
The investment was supposed to be for a city centre...
The first one is in Manchester - but will the...
Grainger is selling its low-yield stock and pinning its hope...


The UK’s housing market showed further signs of weakness in July, as the number of property sales fell as uncertainty and a shortage of supply kept potential purchasers at bay.

The number of properties available to buy on agents’ books decreased to just 35 last month – the lowest amount recorded for July since National Association of Estate Agents (NAEA Propertymark) records began 15 years ago.

With fewer homes to choose from, there was also a dip in the number of house buyers registered per member branch in March; agents had an average of 347 prospective buyers on their books compared to 384 in June.

While demand has dropped to its lowest level since November 2016, when 344 potential buyers were registered per branch, last month’s tally is still considerably higher than July 2016, when just 298 were recorded.

The proportion of sales which were agreed for first-time buyers fell as well, down 30% to 23% of overall transactions in July. This is the lowest level seen since last September when the rate was also 23%. 

In terms of sales agreed, this figure fell to an average of eight per branch last month, down from 11 a month earlier, which is typical of this time of year. Some 3% of homes sold last month went for more than the original asking price.

“It is natural for the market to dip in the summer and then recover,” said Mark Hayward, chief executive, NAEA Propertymark.

He added:  “We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market, it remains to be seen whether this year is typical.

“We’d also expect to see the number of house hunter increase, as buyers strive to complete sales before the winter kicks in.”

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Property Investor Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
We wish all Property Investor Today readers a successful 2025....
Property Investor Today is taking a short break...
The cottage just on the market is next to one...
Rachel Reeves’ hike in stamp duty for additional homes may...
Spain’s draconian new tax is already spooking British investors...
The Budget has forced a revision of forecasts for the...
Prices and sales volumes will grow in 2025 despite the...
Recommended for you
Latest Features
The current controls come to an end on March 31...
The agency is also seeking other partnerships in Portugal...
The investment was supposed to be for a city centre...
Sponsored Content
As the property industry shifts towards sustainable practices, Inspired Property...
Are you concerned about rising interest rates and their potential...
In the ever-evolving landscape of property investment, staying ahead of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here