Housing supply increased by 25% in July, according to the latest report from the National Association of Estate Agents (NAEA).
The number of available properties per NAEA member branch reached 55 in July, 25% higher than the 44 recorded in June and the highest since September 2013.
The report indicates that the average number of sales made per agency branch in July remained at nine, the same figure recorded in May and June.
After a record high in June, demand continued to increase last month, with the number of house-hunters registered with the average NAEA member branch rising to 463 from 439 the month before.
This is the highest level of demand recorded since August 2004, when an average of 582 house-hunters was recorded per NAEA branch.
Sales to first-time buyers continued to fall last month, with the group accounting for just 23% of sales. The highest figure in recent months was recorded in May when 29% of sales were made to first-time buyers.
“Typically, we’d expect to see sales taking longer to complete during the summer months, as buyers and sellers are on holiday,” says Mark Hayward, NAEA managing director.
“It is alarming however, that the number of sales being made to first time buyers is steadily falling. Having said that, the fact that there is more housing coming on to the market means that hopefully over the next few months we’ll see activity in the market increasing and more sales completing, to respond to the growing army of house hunters we’ve seen emerging over the last few months.”
Hayward reiterates the argument that there are simply not enough homes to meet growing demand.
“Until we see more physical bricks and mortar, there may be no hope in solving the housing crisis,” he says.
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Really? Is this something that is regional? In the area that my company covers (six branches) the number of instructions on the market with ALL agents is some 30% lower than this time last year. The number of valuations is at a disturbingly low level.
I have friends working across the south east of England and they report exactly the same thing.
Agents are over-valuing horrendously and fee levels have fallen through the floor.
These are hardly signs of good supply.
Spot on, AC. From the people I've spoken to, who know far more about these matters than me, they have similar concerns to you.
Demand is very much there, supply is still very much not.
Yes from everything we've been hearing you're both right. These are average figures taken from all NAEA member branches that take part in their monthly survey so would suggest they are skewed by a certain area that has seen a slight surge in supply?
It’s nice to see NAEA pushing out some PR to keep the public aware of their existence. Not sure I see any of this improved supply anywhere South of Blackpool though.
Yes, very true. We're consistently being told that it's all going to change and that house-building will increase but I feel it's a little all talk and no action. Something must be done to ease the demand, and fast.
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