18% slump in sales agreed early this summer, says NAEA

The latest market snapshot released by the National Association of Estate Agents’ shows the challenges faced by the industry right now.

The number of sales agreed per branch in June rose from eight in May to nine, as buyers began to push through summer property transactions - however, this was some 18 per cent down on June 2017 when agents agreed a total of 11 sales per branch.

The proportion of sales made to first time buyers rose by five percentage points to 29 per cent in June – the highest amount recorded since February.

Meanwhile the number of properties available per branch rose in June from 37 to 39; this represents a five per cent increase year on year, although over the longer five-year term it’s 15 per cent down.

The number of house hunters registered per estate agent branch decreased by 12 per cent from 351 in May to 308 in June; this is 20 per cent lower than June 2017 when 384 prospective buyers were registered per branch.

“We’ve seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period. If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering, or refreshing the décor” says Mark Hayward, NAEA Propertymark’s chief executive.