Supply of available housing rose to the highest level seen since March this year, according to the National Association of Estate Agents (NAEA) August Housing Market report
Furthermore, the number of sales made to first time buyers (FTBs) increased by 3% and demand for housing fell marginally, in line with seasonal expectations.
In a sign that the housing market is moving in the right direction, the number of houses available for buyers increased to 41 per branch in August. This is the highest level seen since March this year, when agents reported an average 54 properties registered per branch.
The number of sales made to FTBs increased, from 25% of total sales made in July, to 28% in August. Year on year, this figure is up by 8%, as August 2015 saw just 20% of sales going to FTBs.
Following the interest rate cut, two in five (39%) estate agents expect demand to grow and a quarter (25%) think FTBs will get more cut through as a result.
In August, the number of house hunters registered per member branch fell to an average of 287, from 298 in July.
Article published on todaysconveyancer.co.uk - 27th September 2016