Property supply dwindles according to NAEA

September 24, 2015

According to the National Association of Estate Agents  UK housing market report for August 2014 , the number of properties available to buy per estate agent fell to an eleven year low in the month.

Supply of available housing fell by a third in the last month, with 38 houses available per branch in August, compared to 55 in July. This is the lowest level of supply seen since January 2004, when 38 properties were also available.

August saw a dip in house hunters, with an average of 408 house-hunters registered per member branch, compared to 462 in July – a 12% drop.

The number of sales completed in August rose by one to an average ten properties per branch in August; however sales made to first time buyers (FTBs) fell to the lowest level since July 2014. One in five sales (20%) were made to FTBs in August, compared to 23% in July and 24% in June, indicating movement in the market is taking place higher up the ladder and it’s second and third steppers pushing through sales.

Mark Hayward, managing director, National Association of Estate Agents said: “We’ve been banging the drum about the dwindling supply of housing for a while and this month’s report reiterates what we’ve been saying – there simply aren’t enough houses to match demand and we’re reaching crisis point. There are now eleven house hunters fighting after every available house which isn’t sustainable. First time buyers are finding themselves being squeezed out of the competition, which of course means it’s taking young buyers longer to get their foot on the first step of the ladder, which will in turn increase pressure on the rental market.”

NAEA website: http://www.naea.co.uk/info-guides/housing-market-reports/

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

No-deposit mortgages could cost first-time buyers

No-deposit mortgage could cost London first-time buyers £73,000 more in interest over first five years The latest research by London lettings and estate agent, Benham and Reeves, has revealed that whilst the emergence of no-deposit mortgages provides a welcome route onto the property ladder for buyers struggling to save, the cost of doing so is…
Read More →
Breaking News

Beach hut values fall for second consecutive year

The latest research from Yopa has found that beach hut prices have fallen for the second consecutive year across the UK’s most sought-after coastal locations, as the extraordinary growth seen in the years immediately following the pandemic continues to unwind. Yopa analysed the average asking price of beach huts across eight of the UK’s most…
Read More →
Breaking News

Burnham’s property and land tax: what would it mean for property owners?

With reports suggesting that property and land taxes could be on the cards under Burnham,  Simon Gerrard, Chairman of Martyn Gerrard Estate Agents, comments on what these proposals could mean for homeowners, particularly those in London who are likely to bear the brunt of any changes, given the capital’s significantly higher property values.   On uncertainty:…
Read More →
Property for sale
Breaking News

Homebuyers can save up to 47% by looking next door to the UK’s priciest postcodes

New research reveals how much less buyers could pay in postcodes neighbouring the UK’s most expensive locations Homes in these neighbouring areas are 28% cheaper on average, with the biggest gap reaching 47% in the North East Significant savings also seen in London, Scotland, Wales and Northern Ireland   Homebuyers could save up to 47%…
Read More →
Finance

Your First-Time Buyer Mortgage Journey

Introduction Buying your first home is one of the biggest financial decisions you’ll ever make, and the mortgage process can feel like a maze of unfamiliar terms, forms and waiting. The good news is that mortgages for first-time buyers follow broadly the same path, and once you understand the stages involved, the process becomes far…
Read More →
Breaking News

London property values set to fall

The latest market analysis from House Buyer Bureau has found that London is now the only region of Britain where house prices continue to trend downwards, with the average home in the capital forecast to lose almost another £5,000 in value before the end of the year should current market conditions persist. House Buyer Bureau…
Read More →