The National Association of Estate Agents have recorded that the number of house hunters registered per agency branch in June 2015 was the highest recorded in 11 years.
The latest monthly report produced by the NAEA shows 439 house hunters registered on average per NAEA member branch, a 15 % increase compared to the previous month when 383 house hunters were registered per branch and the highest since August 2004 when 582 were recorded.
Even with a massive increase in demand, supply of housing stock fell to just 44 houses available per branch in June compared to 46 in May, broadening the gap between supply and demand.
The managing director, Mark Haywood for NAEA said “Buyers are feeling more confident and those who put their plans on hold over the election and political aftermath have kicked off their hunt. There’s also an impetus to buy right now in light of the impending interest rate rise. But the fact that demand is at an eleven year high without the housing stock to fuel it, is bad news for the market.”
An average of nine sales were made per branch for the second month in a row. But, the number of sales made to first time buyers dropped in June, with the group accounting for just 24% of sales, compared to 29 % in May.
Hayward has said “The election was full of promises to build more houses, but now those promises need to be put into bricks and mortar to respond to demand”.