House prices edged down between July and August, Nationwide reported this morning.
The average was £216,096 this month, down from £217,633 in July.
Meanwhile, buyers are rushing to complete transactions ahead of the October 31 Brexit deadline, agents claim, as the number of house hunters registering per NAEA Propertymark branch hit a ten-month high.
NAEA Propertymark’s July Housing Report found that the number of house hunters registered per estate agent branch increased last month from 305 to 316.
This is the highest figure since last September.
Year-on-year, housing demand has grown, rising from 303 house hunters per branch in July 2018.
The number of properties available per member branch also increased in July, from 37 in June to 41, but is flat compared with last year.
The number of sales agreed per member branch remained at nine in July, the same level for the third month running, while the proportion of first-time buyer sales rose from 23% to 26% between June and July but was down from 30% last year.
Mark Hayward, chief executive of NAEA Propertymark, said: “The summer is typically a quieter period as house buyers and sellers put their plans on hold with housing market activity stalling as a result.
“However, this has not been the case this year. Buyers can only delay the need to move for so long and we’re now seeing buyers storm the market hoping to complete transactions before the end of October.”
Comments (1)
Is it any wonder the public have little trust in estate agency with two stories published today that are so contradictory in content?
It seems that house prices are falling; new instructions are flat; Sales are unchanged at 9 per branch over the quarter and yet “we’re now seeing buyers storm the market hoping to complete transactions before the end of October.”
The whole purpose of Agency is to sell the house. Evidencing a prediction based upon a number an increased number of applicants registering (310 to 316) by 5% is bluster at its kindest.
The number of first-time buyers has increased from 23 to 26% over the quarter yet are 30% down on last year. so, in short, there are now significantly fewer first time buyers registering. This usually causes the market to stagnate.
Conclusion, each branch has had half a dozen extra people register of which 1 has been a first-time buyer – hardly newsworthy.
The headline could just have easily read, “Vendors still cautious, sales flat over the last quarter with prices falling”
Second Story
Tenant Flock as soon as fee ban …’
Funny how Belvoir experienced a 32% increase in tenancy applications on this time last year yet also report Landlord portfolio’s leaving and London experiencing a stock shortage. On top of that, rents are increasing
So how can more tenants make more applications for fewer available property?
Does this actually mean at this time last year Belvoir was awash with property that they could not rent or that Landlords are leaving their existing agents and flocking to Belvoir?
What the headline could have read is “As predicted, Landlords leaving the market, shortage of property leading to rent increasing. Not enough property to meet demand”
But we all know that anyway.