Property for sale falls to lowest levels in 15 years

September 8, 2017 by Brendan O'Neill

Property Market

The number of properties for sale on estate agent’s books fell to a 15-year low during July this year.

According to National Association of Estate Agents Propertymark, the number of homes on estate agent’s books fell to the lowest figure since 2002, falling to 35 in July, from 37 in June. First-time buyer purchases also fell to 23% – the lowest on record since September 2016.

Recently, first-time buyer sales and remortgagors have boosted the property market. NAEA Propertymark indicates that first-time buyer purchases in June had provided a much needed boost for the property market, following an uncertain period politically. July’s figures indicate a fall in agreed sales, from eleven to eight, which is in line with expectations at that time of year.

The number of potential buyers searching for homes also fell by 10%, to the lowest level since last November. Around 80% of homes sold for below their asking price, while just 3% sold for more during July.

https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, the NAEA Propertymark chief executive, stated that a dip in sales during summer months was typical, and would generally pick up again September, when buyers would try to complete a house purchase before the winter months set in. However, although the dip in sales and available properties may be due to seasonal activity, first-time buyers are finding it much harder to get onto the property ladder.

CeMAP qualified mortgage advisors are able to help all buyers to find a suitable mortgage for their circumstances.