According to the latest report by the NAEA, National Association of Estate Agents people looking to buy a home have increased to pre-Brexit levels. Their latest Housing Market Report for the month of September revealed that the amount of house hunters registering had increased from 287 to 333 during the month of August.1
However despite the increase in new buyers coming into the market place, house supply has continued to lag behind demand, the amount of houses available in the market place decreased slightly in September from 40 properties per branch compared to 41 properties in August. Property sales increased by 12.5% in September, however there are some concerns that the previously active first time market might be showing some signs of slowing down.
Mark Hayward, managing director of the NAEA, said: “This month’s report proves that buyer confidence is growing, which is obviously reassuring, given that we expected uncertainty following Brexit.
“Although supply has dropped marginally, this does not concern us as it’s still higher than the levels we saw between April and July.
However, it is worrying that the number of sales being made to first-time buyers have fallen to the lowest number in 10 months.
“The fact the Government’s Help to Buy housing scheme is due to close this year might pose more of a challenge for those who were relying on this to help get their foot on the property ladder.
“We now look ahead to the Autumn Statement and look forward to seeing what plans the Government puts in place to assist buyers towards their goal of home ownership.”
If you are looking to purchase a property why not pop into your local branch of Goodfellows or call our team on 020 8102 0554.
Source: 1. Property Eye