The property market in the UK is still moving despite ongoing Brexit uncertainty with the supply of homes available to buying at its highest level for the month on December for four years.
The latest monthly report from the National Association of Estate Agents shows that last month supply increased by 20% compared with November.
Demand from prospective buyers also increased, up by 8% from 292 per member estate agent branch in November to 304 in December. Year on year demand is up 13%.
The number of properties sold to first time buyers increased marginally from 23% in November to 24% in December but year on year the number of sales made to this group is down from 32%.
The data also shows that the number of sales agreed per member branch fell from nine in September, eight in October, seven in November and five in December but this is in line with seasonal trends as it’s the lowest this figure has been since last December, when it was also five.
‘December’s findings prove that despite the current political climate, people still want to move. There is movement in the market with demand from house hunters up 13% year on year, and the supply of available properties also rising,’ said Mark Hayward, NAEA chief executive.
‘Although the number of sales agreed hit a 12 month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell,’ he explained.
‘While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes,’ he added.