LETTING & ESTATE AGENT

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11-year high for house hunters is "bad news" says NAEA

11-year high for house hunters is "bad news" says NAEA

The number of house hunters registered per agency branch in June was the highest recorded in 11 years according to the National Association of Estate Agents.

Its latest monthly report shows 439 house hunters registered on average per NAEA member branch, 15 per cent more than in May when 383 house hunters were registered per branch and the highest since August 2004 when 582 were recorded.

Despite a massive jump in demand, supply of housing stock fell to just 44 houses available per branch compared to 46 in May, widening the gap between supply and demand.

“Buyers are feeling more confident and those who put their plans on hold over the election and political aftermath have kicked off their hunt. There’s also an impetus to buy right now in light of the impending interest rate rise. But the fact that demand is at an eleven year high without the housing stock to fuel it, is bad news for the market.”

An average of nine sales were made per branch for the second month running.  However, the number of sales made to first time buyers declined in June, with the group accounting for just 24 per cent of sales, compared to 29 per cent in May.

“The election was full of promises to build more houses, but now those promises need to be put into bricks and mortar to respond to demand” says Hayward.


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