Property market bounces back for summer

It was good news for the property market last month, as figures across the country reveal that the supply of housing rose and more sales were completed.

The number of sales agreed per branch increased by 13 per cent in June, fro the previous month, but remains lower than this time last year, according to the June housing report from NAEA Propertymark

Sales to first-time buyers were seen to have increased by five per cent across the month to 29 per cent, the highest amount recorded since February.

Total sales agreed per branch rose from eight in May to nine in June, as buyers push through summer property transactions. However, this is 18 per cent lower than June last year when agents agreed a total of 11 sales per branch.

The number of properties available rose in June, from 37 to 39 per branch.

Year-on-year this is a five per cent increase, as agents also marketed 37 properties in June 2017. Looking at a five-year comparison, the number of properties available is down 15 per cent from 46.

The number of house hunters registered with estate agents decreased by 12 per cent, from 351 in May to 308 in June. This is the lowest number of buyers recorded since March this year and a fifth (20 per cent) lower than June 2017, when 384 prospective buyers were registered per branch.

Mark Hayward, chief executive, NAEA Propertymark, said: “We have seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period. If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering, or refreshing the décor.”