Finance News

Housing demand 7% higher than before Covid-19: NAEA

70% of properties sold for less than the original asking price in May.

Rozi Jones
|
25th June 2020
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"It’s great to see the market up and running again, bringing some much-needed confidence back."

The number of house hunters registered per estate agent branch rose by 7% in May, increasing from 322 in February to 344, according to the latest report from NAEA Propertymark.

Year-on-year, housing demand is up by 12%, rising from 307 in May 2019 as prospective buyers resumed their home buying plans.

The data was collected after the housing market reopened on 13th May for the period covering 13th to 31st May.

Over the period, the average number of sales agreed per estate agent branch stood at five, a decrease of almost half (44%) compared to February. The number of sales made to firat-time buyers stood at 32%, a rise from 22% recorded in February.

The research found that 61% of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown and 70% of properties sold for less than the original asking price in May.

Mark Hayward, chief executive of NAEA Propertymark, commented: “It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols, and the demand for viewings soaring, we are set for an exciting summer.

"It will be interesting in the coming months to see if the lifestyle changes triggered by the Covid-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”

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