Bounce-back: NAEA reports market recovering from election

The latest figures from NAEA Propertymark suggest that the market is bouncing back after its hiatus during the General Election and at the start of the summer.

Average sales agreed per branch rose from 10 in May to 11 in June while the proportion of sales made to first time buyers rose to 30 per cent  – the highest since January.

The number of house hunters registered per estate agent branch increased by 10 per cent last month. In May, there were 350 per branch, compared to 384 in June. This is also a 16 per cent increase from June 2016 when 330 potential buyers were registered per branch.

However, the gap between supply and demand is increasing with the number of properties available per branch dropping from 40 in May to 37 in June.

Only two per cent of properties sold for more than asking price in June, a decrease of one per cent from May, and the number of homes which sold for less than asking price rose to 79 per cent last month – up two per cent from May.

“It seems the market has bounced back, with the number of house hunters rising. Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales – which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months” explains Mark Hayward, NAEA Propertymark’s chief executive.