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Property market continues to boom, says NAEA

by LLP Finance Reporter
27th Jul 20 3:00 pm

The latest data released by NAEA Propertymark has revealed that during June, ten percent of properties sold for more than the original asking price, the highest recorded since February 2016.

According to the analysis of the market conducted by NAEA, the average number of sales agreed per estate agent branch stood at 10 in June, double the amount recorded in May when there were five sales recorded per branch. Year-on-year, the number of sales per branch has increased, rising from nine recorded in June 2019.

Demand for housing

In June, the number of house hunters registered per estate agent branch rose by 10%, increasing from 344 in May to 379.
Year-on-year, housing demand is up by nearly a quarter (24%), rising from 305 in June 2019 as prospective buyers resumed their home-buying plans following the market reopening.

Supply of available properties

The number of properties available per member branch stood at 37 in June, increasing from 35 in May. Year-on-year, the supply of housing remained the same. The number of sales made to FTBs stood at 29% in June, a fall from 32% in May.

Mark Hayward, Chief Executive, NAEA Propertymark comments: “It’s positive to see the market continuing to boom after the government re-opened the property market in May. Usually, we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.”

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