Demand For Property Bounces Back

Demand For Property Bounces Back

Demand For Property Bounces Back across Britain in June. However, the supply of property fell, according to a National Association of Estate Agents (NAEA) housing report. The number of sales agreed per NAEA member branch increased from 10 in May to 11 in June. Furthermore, sales to first-time buyers was up by 30%. More first time buyers entering the market positively impacts property values. Furthermore, the report indicates that the number of enquiries per branch was up 10% in the last month. Therefore, showing that demand for property is us as buyers re-enter the market. It appears that the gap between supply and demand is also rising, with the number of properties available per branch falling from 40 in May to 37 in June. Therefore there aremore buyers for less properties Buyers are apparently driving a hard bargain, with only 2% of properties sold for over the asking price in June. Therefore a decrease of 1% month-on-month. Chief Executive of NAEA, Mark Hayward, Said: ‘In May we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June however, 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,’ he added. Click Here, to view our portfolio of Buy-to-let properties for sale