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TODAY'S OTHER NEWS

First-time buyers push through summer property transactions

The proportion of sales made to first-time buyers rose by five percentage points to 29% in June, the highest figure recorded since February, according to NAEA Propertymark.

Over the summer it’s been a buyer’s market, with the number of sales agreed per branch rising from eight in May to nine in June. However, this is 18% lower than June last year when agents agreed a total of 11 sales per branch.

The number of properties available per branch also rose in June from 37 to 39. This is a year-on-year increase of 5%, as agents also marketed 37 properties in June 2017. In a five-year comparison, the number of properties available is down 5% from 46.

Demand for housing exsperienced a drop, however, with the number of house hunters registered per estate agent branch decreasing by 12%, from 351 in May to 308 in June. This is the lowest number recorded since March this year and a fifth lower than in June 2017 (384 per branch).

Mark Hayward, chief executive at NAEA Propertymark, said a rise in the number of sales is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period.

He advised: “If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering or refreshing the décor.”

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