Housing demand up 12% on this time last year

June 25, 2020 / Isla MacFarlane
Housing demand up 12% on this time last year

According to the latest NAEA Propertymark’s May Housing Report, buyers are itching to resume their plans to buy a new property.

Demand for housing is higher than at this point last year, when the market was weighed down by political uncertainty. Encouragingly, more first-time buyers seem to be entering the fray, perhaps to take advantage of flatling property prices.

This data from Propertymark was collected after the housing market reopened on 13th May for the period covering 13th to 31st May following the lockdown. Estate agents followed government guidance and were unable to operate between 24thMarch and 13th May.

Sales agreed 

The average number of sales agreed per estate agent branch stood at five in May, a decrease of almost half (44%) compared to February when there were nine sales recorded per branch.

Demand for housing

In May, the number of house hunters registered per estate agent branch rose by seven%, increasing from 322 in February to 344 in May.

Year-on-year, housing demand is up by 12%, rising from 307 in May 2019 as prospective buyers resumed their home buying plans.

Supply of available properties 

The number of properties available per member branch stood at 35 in May.

Year-on-year, the supply of housing fell by 15% from 41 per branch in May 2019.

Sales to FTBs 

The number of sales made to FTBs stood at 32% in May, a rise from 22% recorded in February.

What properties sold for

In May, more than two in three (70%) properties sold for less than the original asking price.

61% of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown.

Mark Hayward, Chief Executive, NAEA Propertymark said: “It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols, and the demand for viewings soaring, we are set for an exciting summer.

“It will be interesting in the coming months to see if the lifestyle changes triggered by the COVID-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”

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