Demand from prospective buyers has reached an eight-month high, according to NAEA Propertymark’s May Housing Report.
The number of house hunters registered per estate agent branch rose by a sixth (16%) in May – from 265 to 307.
NAEA Propertymark says this is the highest level recorded since September 2018, when 338 prospective buyers were registered.
Year-on-year, though, housing demand is down by 13% from May 2018, when there were 351 house hunters per branch.
Meanwhile, the number of properties available per member branch increased to 41 in May, from 35 in April, the highest level seen since December 2018.
The supply of housing has also increased year-on-year, as there were only 37 properties available to buy in May 2018.
What’s more, the number of sales agreed per member branch increased for the second month running, rising from an average of eight per branch in April, to nine in May. This is the highest level of sales since September last year, when the same number of sales were recorded per member branch.
Year-on-year, the number of property transactions has increased, with an average of eight sales agreed per branch in May 2018.
Regarding sales to first-time buyers, the number in May decreased marginally, falling from 27% in April to 26%. On a yearly basis, this is an increase of 2% from 24%.
Mark Hayward, chief executive of NAEA Propertymark, said: “It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year.”
“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.”
He added: “More than eight in 10 properties sold for less than the original asking price in May, which shows that estate agents, with buyers and sellers, are successfully negotiating a property sale, with them coming to an agreement on the value of the home.”