Bright spots in the housing market:Source: naea.co.uk – property review The UK housing market remained in a strong position in July compared to the previous year, despite the traditional summer dip in activity.
Bright spots in the housing market: Despite July and August traditionally marking one of the lower points of the year for estate agents, the average agent sold nine properties last month, according to new figures from the National Association of Estate Agents (NAEA).
That is compared to six the same time last year, and ten in June 2009. 22 per cent of last month's sales were made to first time buyers. The NAEA's July market report, released today, also revealed that the number of house hunters is increasing – with 100 more people registering to look for property with each agent than at the same time last year.
On average, an agent had 292 house hunters registered in July, compared to 192 in July 2008 and 290 in June 2009. Supply of houses remains low this year, with 59 properties available at each branch. This means that there are five registered house hunters for every property available. Summer Housing President of the NAEA, Gary Smith, said: “Estate agents expect a drop in activity over the summer months, but there is no doubt that the market is in a considerably stronger position than a year ago. Agents sold more in July than in any month last year. That is concrete evidence that the housing market, while not recovered, has potentially been through the worst. It is now up to the Government and the banks to lead the way. The NAEA will continue to lobby hard for responsible lending from the banks and effective Government policy to ensure that they do.”