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Housing market sees confidence return with enquiries increasing
Following many changes and uncertainty to the market in recent months, it seems the housing market is on the road to recovery as the National Association of Estate Agents (NAEA) revealed in their August Housing Market report that the supply of housing has risen to the highest level seen since March this year.
The report shows that in August, estate agents had an average of 41 houses available for buyers per branch, which is the highest it has been since March when the figure was 54. “While there is still a significant gap between 41 and 54, it’s positive to see that there is an increase in the enquiries coming through,” comments Sarah Brooks, Residential Conveyancing Partner at Warner Goodman LLP. “It is no surprise that March saw a rise in enquiries with changes to Stamp Duty Land Tax coming into force in April. To therefore see this unprovoked rise in enquiries is extremely encouraging, and it’s important that supply continues to meet the demand.”
Further details released in the NAEA report show that the number of sales to first time buyers increased by 3% from 25% of total sales made in July to 28% in August. This is an improvement on last year, when August 2015 saw just 20% of sales go to first time buyers.
The figures are supported by The Royal Institute of Chartered Surveyors (Rics) who also reported that the number of home buyers making enquiries in September this year rose for the first time since February. The latest Land Registry UK House Price Index for August also showed that home sales grew by 8.4% in the year to August, with house prices rising across the UK. Sarah concludes, “Brexit has had a significant impact on the housing market as both buyers and sellers became nervous. That’s why it’s important that we embrace these new figures and use them to believe that now is the right time to be looking at our property and considering the next move.”
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