Tue 25 Jul 2017 View all news articles

House sales UK: The market has 'bounced back' after election-slump claims property expert

House sales in the UK have increased. New buyers stalled their house search until after the election at the beginning of June, but house sales appear now to have made a recovery. 

NAEA Propertymark (National Association of Estate Agents) has issued its June Housing Report today. 

In terms of sales agreed and sales to first-time buyers, the number of sales agreed per branch rose from 10 in May to 11 in June. 

The proportion of sales made to first-time buyers rose to 30 per cent in June - the highest amount since January. 

When it comes to demand for housing, 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. 

The supply of properties in June indicated that the 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 two 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.” 

House prices are continuing on a downwards trend according to new figures, but a city you might not expect has seen a massive increase in sales. 

Your Move released its latest England and Wales House Price Index last week that shows prices are starting to cool ahead of the summer but that a North-South divide is re-emerging. 

Source: Express

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