January Property Sector Boasts A Third More Buyers
Spring is on the horizon and house hunters are awakening from their winter hibernation with almost a third more prospective buyers flooding the property market.
The number of potential buyers registered per estate agency branch has increased by 29 per cent between January 2019 and January 2020, rising from 297 house hunters per branch to 382 last month.
This also represented a 22 per cent increase from the 313 potential buyers registered in December and is the largest number of house hunters since September 2019.
Whilst the buyer boom is in full swing, December’s increase in available housing stock reduced in January from 41 to 38 available properties per branch.
This figure has risen slightly from 36 available properties in January 2019 but is the lowest average housing stock measure since June 2019.
However, the market is moving, and stock is being sold with agreed sales increasing by a third between December and January, climbing from six to eight sales. On an annual basis, estate agents are also processing an additional agreed sale in January 2020 compared with a year earlier.
First-time buyers (FTB) remain an integral part of the property market accounting for 29 per cent of all transactions. This figure has increased from 26 per cent in January 2019.
Mark Hayward, Chief Executive, NAEA Propertymark commented:
“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.”
“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.”