HOUSE-HUNTERS FLOOD THE MARKET
- The number of house-hunters looking for new homes rose by 37 per cent in January
- In line with this, the supply of available properties and the number of sales agreed also increased
- Increased competition stifled first-time buyers (FTBs) as sales to the group fell
Demand for housing
- 2018 started with a boom for the housing market, as demand from prospective house-hunters increased by more than a third (37 per cent)
- In December, agents registered 268 per branch, compared to 367 in January
- This is the highest figure since September 2017, when there were 394 registered per estate agent branch.
Supply of properties
- In line with rising demand, January saw an influx of sellers marketing their properties – the supply of available properties increased to 36 per branch on average, from 33 in December.
Sales to first-time buyers (FTBs)
- Earlier this month, UK Finance reported that sales to FTBs in 2017 were higher than any other year since the financial crisis
- However, increased competition moving into 2018 looks to be affecting the group with sales falling to 27 per cent in January, from 32 per cent in December.
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Source: NAEA Propertymark