There are significantly more active house hunters in the market compared to this time last year, according to The National Association of Estate Agents (NAEA).
In October there was an average of 332 house hunters up from 265 in the same month last year – an increase of 25.3 per cent and up 5.7 per cent on the previous month.
Despite this influx of house hunters, first-time buyer figures dropped, from 25 per cent in September to 24 per cent in October, making this the second month in a row in which agents saw fewer first-time buyers.
Nine out of ten properties were sold to couples and only six per cent went to individuals.
As the overall number of potential buyers increases, there was a 7 per cent drop in properties available for sale, falling from an average of 57 per branch in September to an average of 53 per branch in October.
As expected with a high level of demand, sales remained strong with NAEA member agents reporting an increase in completions, up from an average of nine per branch in September to 10 in October, equalling the four-year high reached in May 2013.
The most popular age group purchasing property in October was the 31 to 40-year-olds making up 43 per cent of home buyers, followed closely by the 41 to 55-year-olds at 42 per cent.
Jan Hÿtch, president of the National Association of Estate Agents, said: “The overall housing market is showing marked signs of improvement compared to previous years and sales have remained strong in October.
“Competitive mortgages have played an important part in the recovery but I will watch the first-time buyer numbers with considerable interest in the coming months to see if the decline reported by our members is addressed by the take up of Help to Buy.
“The significant number of house hunters entering the market in October actively looking for property means there is a lot more competition across the board, especially for the best properties.
“The drop in supply of properties will only exaggerate competition further so for the best chance to secure the home you want buyers should have all their paperwork in order. This will show agents that you are a serious buyer and should speed up the overall process.”
