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TODAY'S OTHER NEWS

Demand for property surges as market revival continues

In another sign that the property market has recovered in recent months, the number of prospective property buyers registering with estate agents increased by more than a quarter in January.

The latest Housing Report from NAEA Propertymark shows that 382 prospective property buyers were registered with the typical estate agency branch in January, up by 29% when compared to the 297 recorded in January 2019.

Since December, demand for property also increased by over a fifth from 313 prospective buyers per branch.

The number of sales agreed per estate agency branch also increased in January, up to eight from six in December - equivalent to a rise of a third.

Annually, the number of agreed sales also increased by around a third, with an average of seven per branch recorded in both January 2018 and January 2019.

According to NAEA Propertymark's figures, however, the resurgence has not stretched to the supply side of the market.

The number of available properties per estate agency branch fell to 38 in January, down from 41 the previous month. This was the lowest total recorded since June 2019, when the figure stood at 37.

On an annual basis, the supply of available properties has crept up marginally after being recorded at 36 per estate agency branch in January 2019.

"It’s positive to see the New Year has brought some much-needed confidence to the market, with a significant increase in demand from house hunters following the General Election result," comments Mark Hayward, chief executive of NAEA Propertymark.

"As the Spring Budget fast approaches, we hope to see housing as a priority for the new Chancellor. A clear strategy is needed to tackle key issues such as stamp duty costs, which needs to be addressed in its entirety to encourage more frequent moves, improve affordability and relax punitive financial tax on home movers," he says.

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