LETTING & ESTATE AGENT

More buyers emerge as inventory dwindles, says NAEA

More buyers emerge as inventory dwindles, says NAEA

A large growth in applicants has been coupled with a sharp drop in properties for sale, the NAEA has confirmed.

Its latest survey of members, covering their business in October, provides back-up evidence to similar reports.

According to the NAEA, an average office had 332 applicants – up 25% from the 265 in October last year – while stock per office fell from 57 per branch in September to 53.

The NAEA survey also says that the proportion of first-time buyers in October was 24%, down from 25% in September, and the second consecutive month where member agents saw fewer first-time buyers.

As expected, with such strong levels of demand, sales remained strong at ten per branch in October, up from nine in September.

NAEA president Jan Hytch said that she would be watching with interest to see if Help to Buy will address the declining numbers of first-time buyers identified by NAEA members.