House sales see summer spike

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House sales see summer spike

New data and analysis from NAEA Propertymark has shown that sales for homes are up as buyers push through summer property transactions.

According to the figures, the number of sales agreed per branch rose from 10 in May to 11 in June with the proportion of sales made to FTBs rising to 30% in June – the highest amount 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.

Supply of properties

Indicating that gap between supply and demand is increasing; the number of properties available per branch fell last month – dropping from 40 in May to 37 in June.

Only 2% of properties sold for more than asking price in June, a decrease of one percentage point from May. The number of homes which sold for less than asking price rose to 79 per cent last month – up two per cent from May.

Mark Hayward, Chief Executive, NAEA Propertymark 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.”