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TODAY'S OTHER NEWS

Increased property transactions despite fall in supply and demand, says NAEA

The number of sales agreed per member branch increased for the first time since October 2018, according to NAEA Propertymark.

Its April Housing Report found the number of sales agreed per member branch rose from an average of seven per branch in March to eight in April. Year-on-year, however, the number of property transactions remains the same.

Meanwhile, the number of properties available per member branch fell slightly from 37 in March to 35 in April.

Housing supply also increased year-on-year, with only 33 properties available to buy in April 2018.

Although March saw a rise in demand for housing, the number of house hunters registered per estate agent branch fell by 10% in April from 296 to 265.

Year-on-year, demand was at the lowest level recorded for the month of April since 2008, when 237 house hunters were registered on average per branch. Housing demand also fell by a fifth (21%) from April 2018 when there were 337 prospective buyers per branch.

The number of sales made to first-time buyers (FTBs) in April increased marginally, rising from 26% in March to 27%. Year-on-year, this is an increase of 3% from 24%.

“Despite a fall in housing supply and demand, it’s encouraging to see an increase, for the first time this year, in the number of sales going through,” Mark Hayward, chief executive at NAEA Propertymark, said.

“This means that even though buyers and sellers remain uncertain given the current climate, many are continuing to move forward with their transactions and sales are still happening at the rate we would expect to see at this time of year.”

He concluded: “More than four in five properties are selling for less than the original asking price, so there’s opportunity for house buyers and sellers to negotiate an offer to get a sale moving.”

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