Property sales up in June, with first-time buyers leading the way
The number of sales agreed by estate agency branches rose from an average of 10 in May to 11 in June, according to NAEA Propertymark (National Association of Estate Agents).
And first-time buyers made up a significant 30% of all sales – the highest amount since January.
Demand for housing was also up last month. The number of house hunters registered per estate agent branch increased by 10%, from 350 per branch in May to 384 in June.
But the supply demand gap widened as the number of properties available per branch fell last month from 40 in May to 37.
Only 2% of properties sold for more than asking price in June, while 79% sold for less than originally marketed for.
Mark Hayward, chief executive of NAEA Propertymark said: “In May, we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June however, it seems the market has bounced back, with the number of house hunters rising.
“Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales – which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months.”