News

Buyer/Seller activity warmed up in May

The number of properties listed for sale was on the rise in May according to data from the National Association of Estate Agents.

The number of properties listed for sale was on the rise in May according to data from the National Association of Estate Agents.

There was also good news for sellers looking to make a sale before the summer slow-down with demand from house hunters also increasing.

Demand and supply during the summer months tend to drop, but comparatively, demand in May has now increased every year since 2015.

In total, the number of listed properties increased 12%, averaging out as 37 purchasable properties across estate agent branches compared to 33 the month previously.

The National Association of Estate Agents’ (NAEA) report also found that estate agents have around nine prospective buyers on their books for every available property. In fact, the number of registered potential buyers has jumped by 15% compared to three years ago.

Read more: Property prices hit record high boosted by increasing Northern demand

Mark Haywood, chief executive at the NAEA said that: “We see this every year. House hunters desperate to get their offer accepted, and sellers on a mission to find suitable buyers, flock the market in May. They’re hoping to get everything tied up so they can enjoy their summer holidays without worrying about viewings.

“But those willing to be more flexible might do well to hold off until the market’s quieter in July and August. Not everyone heads abroad over the summer, with lots of people opting for winter sun instead, so while the market is undoubtedly quieter, competition is a little less intense, which might better suit some buyers and seller.”

Strong Spring Demand

Buyer/Seller activity warmed up in May

Despite some reports suggesting housing market growth is starting to slow down, data such as this from the NAEA highlights the sustained high demand for property, especially with government house building targets looking less and less likely to be met.

Spring overall was strong with sales agreed in May higher than two years ago, albeit slightly down on 2017. But with property prices increasing, the overall value of sales is on the up to.

Miles Shipside, director at Rightmove noted that ‘this is a pleasingly strong flourish at the end of the Spring selling season’ amid rising prices, stretched budgets and political uncertainty, with property demand in the north helping to sustain market growth.

“This demand, fuelled by prices that in comparison to the south are still relatively affordable, has meant the number of properties left available to buy has dwindled in the north and increased in the south.”

Read the latest property market updates and news on our blog here.