Property buyers keen to get deals done before Brexit

Demand from property buyers is on the rise as purchasers look to complete sales before next month's proposed Brexit date, according to NAEA Propertymark.

The trade body's latest Housing Report reveals that the number of house hunters registered per estate agency branch increased from 305 to 316 between June and July.

In July 2018, there were only 303 prospective buyers registered with the typical agency branch, showing significant year-on-year growth.

Property purchasers will be pleased to know that the supply of available property is also on the rise.

NAEA Propertymark agents report that the number of available properties per branch was 41 in July, up from 37 the previous month.

Contrary to the usual summer market lull, the number of sales agreed per estate agency branch stayed the same for the third consecutive month in July at 9.

Sales to first-time buyers increased to 26% in July, rising from 23% the previous month. However, this remains below the high of 30% that was recorded in July 2018.

"The summer is typically a quieter period as house buyers and sellers put their plans on hold with housing market activity stalling as a result," says Mark Hayward, chief executive of NAEA Propertymark.

"However, this has not been the case this year. Buyers can only delay the need to move for so long and we’re now seeing buyers storm the market hoping to complete transactions before the end of October," he says.