The number of sales agreed by estate agents in April reached their highest level since October 2018 with sales to first time buyers rising, the latest industry data shows.
According to the data published by the National Association of Estate Agents (NAEA) the number of agreed sales per member branch increased from seven per branch in March to eight in April.
The figures also show that year on year, the number of property transactions remains the same.
However, the number of properties available per member branch fell in April to 35 from 37 in March. But year on year housing supply has increased, with only 33 properties available to buy in April 2018.
After a rise in demand in March, the number of house hunters registered per estate agent branch fell by 10% in April, from 296 to 265 and year on year demand was at the lowest level recorded for the month of April since 2008 when 237 house hunters were registered on average per branch.
Housing demand also fell by 21% from April 2018 when there were 337 prospective buyers per branch.
The number of sales made to first time buyers in April increased marginally, rising from 26% in March, to 27%, while year on year there was 3% rise.
‘Despite a fall in housing supply and demand, it’s encouraging to see an increase, for the first time this year, in the number of sales going through,’ said Mark Hayward, NAEA chief executive.
‘This means that even though buyers and sellers remain uncertain given the current climate, many are continuing to move forward with their transactions and sales are still happening at the rate we would expect to see at this time of year,’ he explained.
‘More than four in five properties are selling for less than the original asking price, so there’s opportunity for house buyers and sellers to negotiate an offer to get a sale moving,’ he added.
