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Demand for Homes Last Month Hit an Eight-Month High

Sun 19 Jul 2015

Demand for homes last month hit an eight-month high according to the National Association of Estate Agents.

However, as individual agents have been reporting for many weeks, supply is still low and the numbers of homes coming to the market have not recovered from the general election slow down.

According to NAEA’s latest report, 383 house hunters were registered on average per branch in May - compared to 344 in April - and the highest number recorded since September 2014, when 406 house hunters were registered.

Last month also witnessed the highest year-on-year demand for 10 years, when 386 house hunters were recorded per branch.

Supply of housing has increased very slightly from last month, with 46 houses up for sale per NAEA member branch, compared to 43 in April. While demand for property was at similarly high levels to May 2005, supply has almost halved year-on-year over the 10 years, when 81 properties were available to buy.

As supply and demand levels have risen, the number of sales per member branch also rose slightly from last month, with nine sales agreed in May, compared to eight in April. Sales to first- time buyers increased in May, jumping from 26 per cent in April to 29 per cent of sales in May.

Mark Hayward, managing director at NAEA, says the rise in numbers of those seeking to buy is down to the return of some economic confidence since the election.

“However, supply does not meet the rise in demand and, as consumer confidence grows, we will continue to see a widening of the property gap. The housing shortage will not be solved any time soon, so as pressure mounts we will no doubt see increases in house prices, making it harder for those stepping on or up the ladder”, declared Hayward.

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"Hi Juliana, I was driving past your offices today and realised that I never contacted you to say thank you for all your help in the purchase of Villiers Street. I am so very sorry that it took me so long, it’s been a crazy few weeks! From my first property viewings with Clive to collecting the keys from Chris on completion day and all the parts in-between with yourself, I thoroughly enjoyed working with ehB. I saw lots of properties with an array of local estate agents and ehB were the most professional, knowledgeable and personable out of all of them (by a country mile!). You were fantastic at keeping track of the process the whole way through and really made me feel like an important customer. After speaking with many friends and family, it seems this is a very unique experience of an estate agents (particularly as a buyer) and therefore I really want you to know how appreciative I am. The house is really starting to feel like home already and I’m so pleased with the purchase. I have already sung the praises of ehB to my friends, family and colleagues. Once again, thank you for all your help in the purchase. All the best, G Sharp "
G Sharp

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