Summer housing supply slumps to record low: NAEA

Summer housing supply slumps to record low: NAEA

New data from the National Association of Estate Agents shows that the number of properties available to buy on estate agents’ books dropped from 37 in June to 35 in July - the lowest level recorded for the month of July since records began in 2002.

The proportion of sales made to first-time buyers fell by 30% to 23% in July, the lowest level seen since last September when the rate was also 23%. The last time it was lower than this was in November 2015, when 21% of sales were made to FTBs.


Typical of this time of year, the number of sales agreed per branch also fell in July. In June there were 11 sales agreed per branch, compared to just 8 last month.
 
Seasonality also hit house hunters, as the number of people looking for properties fell 10% from 384 per branch in June, compared to 347 in July.

This is the lowest it has been since November 2016 when 344 potential buyers were registered per branch, however a considerable increase from July 2016, when just 298 were recorded.
 
The number of homes which sold for less than asking price rose to 80% last month – up from one% in June and the highest level since December 2016.

Mark Hayward, Chief Executive, NAEA Propertymark, said: “It is natural for the market to dip in the summer and then recover. We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market, it remains to be seen whether this year is typical.  We’d also expect to see the number of house hunter increase, as buyers strive to complete sales before the winter kicks in.”

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Comments

  1. Mark N.Mark N.30 August 2017 16:11:05

    We have seen a surge in instructions over August and that should continue into September too.

    Reply to this comment

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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