Sales-per-branch increase despite slump in available stock

The number of sales agreed per branch has increased for the first time this year, rising from an average of seven per branch in March to eight in April.

This figure - produced by the National Association of Estate Agents - is the highest since October 2018.

But the NAEA also says the number of properties available per member branch fell in April, from 37 in March to 35; year-on-year housing supply has increased, with only 33 properties available to buy, per branch, back in April 2018.

After a rise in demand in March, the number of house hunters registered per estate agent branch fell significantly in April, from 296 to 265.

This means that year-on-year, demand was at the lowest level recorded for the month of April since 2008 when 237 house hunters were registered on average per branch. 

Housing demand also fell by over a fifth from April 2018 when there were 337 prospective buyers per branch.

In terms of first time buyers, the number of sales made to this group increased marginally, rising from 26 per cent in March, to 27 per cent.

“Despite a fall in supply and demand, it’s encouraging to see an increase - for the first time this year - in the number of sales going through. This means that even though buyers and sellers remain uncertain given the current climate, many are continuing to move forward with their transactions and sales are still happening at the rate we would expect to see at this time of year” explains Mark Hayward, chief executive of NAEA Propertymark. 

“More than four in five properties are selling for less than the original asking price, so there’s opportunity for house buyers and sellers to negotiate an offer to get a sale moving.”