Despite being the wettest June on record, UK residents were not put off looking for a new house, according to the National Association of Estate Agents (NAEA).
In its housing market report for June, the NAEA revealed an increase in the number of househunters, with 294 registered per branch, up from 274 in May 2012 and 263 in June 2011.
The NAEA said that buyer interest dropped in May as a result of the end of the Stamp Duty Holiday; however, it does not appear to have lasted.
Estate agents believe that househunters are looking to secure a purchase before summer holidays and events such as the Olympic Games take place.
House sales remained stable with an average of seven recorded per branch for the fourth month in a row, while supply levels decreased slightly from an average of 66 in May to 63.
First time buyer levels also saw a slight increase, with a 19 per cent market share in June compared with 17 per cent last month – this is still down year-on-year, with new buyers accounting for 21 per cent of the market in June 2011.
NAEA president Mark Hayward said, “After the bad news for first time buyer levels last month, it is pleasing to see that the market is showing some signs of resilience in the face of challenging conditions and we should welcome signs of the return of the serious househunter.
“Although year-on-year data is less encouraging, it should be tempered with the fact that the UK is now in the grip of a deeper recession than previously predicted. It remains to be seen how wider economic developments – such as the recent shrinking of the UK’s GDP in Q2 – will affect supply and demand levels, however NAEA agents are already predicting a slowdown in activity.”
