House hunters are out in force, with the number of people looking for a property for the month of September at a ten-year high.
Members of the National Association of Estate Agents (NAEA) reported an average of 406 house hunters at each branch – the highest number since October 2004.
But while housing supply increased slightly from August to September, from 49 available houses per branch to 51 houses, this figure is still seasonally low – in fact the last time supply levels were lower for September was in 2002.
First-time buyers now account for 30 per cent of all sales reported by NAEA estate agents for September, compared to 28 per cent in August and 20 per cent in July.
Mark Hayward, managing director at the NAEA, says:
“People are ready to get on or move up the housing ladder, but the supply levels do not match demand. September is a notoriously busy month in the housing market; the kids have gone back to school after the summer and people want to get sorted before Christmas, however it seems a lack of affordable and quality housing has been a problem this month.
“Now that the economy is picking up and Brits are in more comfortable financial situations, more people will want to buy and sell homes, but may be restricted.”
Despite high volumes of house hunters, the majority of houses are being sold for under the sellers’ original asking price. Only four per cent of properties sold in September were sold for more than the asking price, and a stark 82 per cent were sold for less than asking price – 16 per cent more than in July, when this was last reported on.
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