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House hunters in the UK buck traditional holiday trend

The latest market report from the National Association of Estate Agents (NAEA) shows a sharp increase in the number of house hunters registering at its branches across the UK in July, normally a quieter time of the year.

While there is some regional fluctuation, on average agents reported 299 people on their books for the month, up from 263 in June and the highest figure in over two years.

Supply levels across the country decreased slightly with NAEA agents reporting 70 properties available per branch, down from 74 in June. This is still higher than year on year figures where in July 2010, only 68 were recorded.

As is usual for the time of year, sales dropped slightly from an average of nine per branch to seven. However, the proportion of sales made to first time buyers increased from 20% in June to 21% in July.

‘It is great to see that interest in property has reached a two year high, especially at a time when, traditionally, estate agents experience a lull in activity as people take a holiday abroad instead of house hunting,’ said NAEA president Wendy Evans-Scott.

‘It seems that people are beginning to reconsider their options when it comes to buying a property. With many sellers now being more realistic about pricing, we hope the market will rejuvenate in the coming months,’ she added.