The number of house sales agreed rose to a 10-year high in February, suggesting buyer confidence is growing.
According to NAEA Propertymark (National Association of Estate Agents), there were 11 sales per branch, the highest since September 2007.
In January estate agents agreed eight sales per branch, up from six in December.
With high sales levels recorded in February, three in every four (74%) of the sales made were below the original asking price suggesting sellers are taking a pragmatic approach to their property transactions.
The proportion of sales which were agreed for first-time buyers dipped to 22% in February, down from 30% in January.
The number of properties available to buy on estate agents’ books increased to 44 in February. In January, there were just 38 available per branch.
This figure has increased by 26% from last February when agents had just 35 properties available per branch.
The number of house buyers registered per member branch remained at 425 for the second month in a row.
Only 7% of estate agents expect the remedies outlined in the government’s housing white paper to be enough to fix the housing market.
Two-fifths (43%) don’t think will make a difference, while 39% think the proposals could positively impact the market, but can’t yet tell how.
Mark Hayward, chief executive NAEA Propertymark, said: “The number of sales agreed reaching a 10 year high indicates the housing market is moving in the right direction. However, first-time buyers need to be a priority – the number of sales made to the group dipped in February when it should be growing.
“As house prices continue to rise, the market’s most vulnerable buyers are being priced out and the only way to address this is to increase housing stock. The government have pledged yet again to build more homes, but our members aren’t feeling optimistic about the plans. If promises are kept and we see construction sites set up across the UK, we’ll be in a better position in a few years than the stark reality we will be facing if this doesn’t happen.”
