Buyer demand falls to 11-year April low
After a rise in demand for housing in March, the number of house hunters registered per estate agent branch fell by 10 per cent in April, from 296 to 265, according to NAEA Propertymark – the estate agent trade body.
This marked the lowest level of demand recorded for the month of April since 2008, when 237 house hunters were registered on average per branch.
Housing demand was also down by a fifth (21 per cent) when measured against the same time last year.
The supply of available properties also dipped over the last month, to 35 per member branch, but was slightly up over the year.
Rise in sales
One positive note to the latest report was a rise in the number of sales agreed per estate agent branch to eight in April, up from seven in March and the highest level since last October.
Mark Hayward, chief executive of NAEA Propertymark, said: “Despite a fall in housing supply and demand, it’s encouraging to see an increase, for the first time this year, in the number of sales going through.
“This means that even though buyers and sellers remain uncertain given the current climate, many are continuing to move forward with their transactions and sales are still happening at the rate we would expect to see at this time of year.
“More than four in five properties are selling for less than the original asking price, so there’s an opportunity for house buyers and sellers to negotiate an offer to get a sale moving.”