There are many factors worth considering when it comes to the property market. The level of demand for homes in an area will always be a factor to bear in mind, and estate agents point to buyer registrations as being a crucial element in determining whether there is confidence in the market. However, for all the factors that people review and consider when it comes to the property market, nothing matters as much as property sales.
Therefore, although there will be some concern over findings from NAEA Propertymark, the fact that the organisation says house sales are rising should be viewed in a positive manner.
Buyer registrations has fallen from May to June
NAEA Propertymark says that buyer demand has dropped by a fifth since June of 2017. This is based on figures found in the June NAEA Propertymark report which indicated that there were 308 buyer registrations, per branch, for June of 2018. This is a fall from the 351 buyer registrations which were recorded in May of 2018 and is 20% lower than the 384 buyer registrations which were recorded in June of 2017.
The number of buyer registrations for June was the lowest since March of this year. With monthly and annual figures falling, it is only natural that some people will have concerns about the market behaviour. After all, if there are fewer people looking to buy homes, it is a natural assumption to make that this will lead to fewer property sales.
NAEA Propertymark has expressed positivity about property market
However, the report suggests that this isn’t the case. In fact, for June, nine transactions per branch were recorded across NAEA Propertymark branches, which is an increase on May, which saw 8 transactions take place.
Another positive aspect to be taken from the findings is the fact that the supply of property rose between May and June. In May of 2018, there were 37 listings per branch but for June, this rose to 39. This is a 5% increase on the June of 2017 but anyone looking at the longer-term behaviour of the market will note that there is decrease of 15% fall from the June of 2018 figures.
The Chief Executive of NAEA Propertymark, Mark Hayward, released a statement saying; “We have seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period. If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering, or refreshing the décor.”
The news that houses are being sold is welcoming news and if you are looking to sell your home, get in touch with Philip Ryan. We’re property market specialists who have helped many homeowners sell their property, and we look forward to assisting you.