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Housing Market

Buyers continued to flood the market during September, say agents

Latest survey by NAEA Propertymark reveals long-standing sales and enquiry records being broken last month.

Nigel Lewis

housing market

Last month was record-breaking for the housing market on almost every front including an extraordinary 33% jump in prospective buyers from 365 per branch in August to 525 in September.

This breaks a record set back in June 2004 when some 581 buyers were registered per branch.

The figures are from NAEA Propertymark’s monthly industry snapshot, which reveals that – apart from first time buyers sales – the housing market continued to boom during September.

Also, agents sold 14 properties per branch last month, a level which hasn’t been seen since 2006 and a 75% increase from eight properties a year ago.

But signs that the market is beginning to come off the boil are within the Propertymark figures, which reveal that eight percent of properties sold for more than their asking price, down from 13% during August.

The only sector in trouble is the first time buyer market, which now represent less than a fifth of all sales, down from nearly a quarter in August.

Mark Hayward imageMark Hayward, Chief Executive, NAEA Propertymark (left) comments: “Buyers and sellers always tend to flood the housing market in September with the hope of completing their transactions before the festive period kicks off.

“But the pressure of completing sales ahead of the stamp duty holiday deadline means we’ve seen a large spike in buyers and sellers coming to the market.”

Read Kate Faulkner’s report on the housing market.

 

October 30, 2020

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