Demand for housing falls to 12 month low
Recent research has revealed that demand for housing fell to 12-month low in August.
According to the National Association of Estate Agents (NAEA Propertymark), the number of house hunters registered at estate agents fell to an annual low, at an average of 343 per branch.
August 2016 was the last time the level dropped this low when the number of registered house hunters was recorded at 287.
August 2017 did see a rise in supply, with the number of available properties on estate agent books growing to 37 in August.
In terms of sales to first-time buyers, the proportion remained steady at 23%, having seen a significant drop in July of 7%.
At an average of eight per branch, the number of agreed sales remained low, although this is to be anticipated during the summer months.
Commenting on the figures was Chief Executive of NAEA Propertymark, Mark Hayward.
“House hunters tend to put their plans on hold over the summer months while they prioritise holidays, and as a result of this trend, stock is usually lower. However, while we saw the number of properties available increase very marginally last month, it wasn’t remotely enough to start to close the gap between supply and demand. We shouldn’t take August’s decline as a sign of things to come – we’ll see the market bounce back in September and ramp up towards the end of the year as house buyers desperately try to complete transactions before Christmas.”