Demand for homes in the UK increased in June while the supply of available properties to buy fell, according to the latest housing report from estate agents.
The number of sales agreed per branch rose from 10 in May to 11 in June while the proportion of sales made to first time buyers was up 30%, the highest amount since January.
The data from the National Association of Estate Agents (NAEA) also shows that the number of house hunters registered per estate agent branch increased by 10% last month. In May, there were 350 per branch, compared to 384 in June, a 16% increase from June 2016 when 330 potential buyers were registered per branch.
Indicating that the gap between supply and demand is increasing, the figures reveal that the number of properties available per branch fell last month, down from 40 in May to 37 in June.
But buyers seem to be driving a hard bargain and only 2% of properties sold for more than the asking price in June, a decrease of 1% month on month and overall the number of homes which sold for less than asking price rose to 79%, up 2% from May.
‘In May we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June however, it seems the market has bounced back, with the number of house hunters rising,’ said Mark Hayward, NAEA chief executive.
‘Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months,’ he added.
