The supply of properties has increased to the highest level since December 2014 and demand from prospective buyers, and sales to first-time buyers (FTBs), has also increased, according to data from NAEA Propertymark’s December 2018 Housing Report.
As sellers continued to market their homes in December, the supply of available housing increased by 20 per cent from November. This is the highest level seen for the month of December since 2014.
There were 304 house hunters registered per estate agent branch in December, an increase from 282 in November. Demand from prospective buyers is up 13 per cent year on year, increasing from 268 in December 2017, according to NAEA Propertmark.
Meanwhile, the average number of sales agreed per branch fell to 5 in December, which is a fall from 9 in September, 8 in October and 7 in November – indicating three consecutive months of falling averages.
The percentage of properties sold to FTBs did, however, increase marginally from 23 per cent in November to 24 per cent in December. This is a year on year fall of 8 per cent in sales to FTBs, according to the December Housing Report.
In December, six per cent of properties sold for more than the original asking price and 78 per cent of properties sold for less, according to the recent data from NAEA Propertymark.
Mark Hayward, chief executive at NAEA Propertymark commented: “This month’s findings prove that despite the current political climate, people still want to move. There is movement in the market with demand from house hunters up 13 per cent year-on-year, and the supply of available properties also rising.
“Although the number of sales agreed hit a 12-month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell.
“While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes.”