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Demand for UK housing on the rise

New data revealed that demand for British property was on the rise in June whilst supply of houses to buy was lacking behind.

On average, the number of sales per estate agent branch increased from 10 in May to 11 in June, the figures from the National Association of Estate Agents (NAEA) states.

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Furthermore, the same research also revealed that the number of those looking for a home to buy has increased by 10% from May to June. Whilst May saw 350 homebuying-hopefuls registered per branch, June had 384 noted as interest. This number also shows a 16% increase from June 2016, when only 330 wannabe homeowners were registered.

When it comes to properties available to buy, the same research revealed that the gap between demand and supply is widening even more. The amount of properties up for sale dropped over June, from 40 in May down to 37 last month.

Those who are lucky enough to find the perfect home and are ready to commit have one final challenge ahead of them, the price bargain. As only 2% of properties changed owners for more than the asking price, a decrease by 1% from May, buyers are clearly doing a good job.

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Mark Hayward, NAEA chief executive, commented the findings:

“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.”

“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.”

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Source: BuyAssociation

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