Supply of homes available to buy at the lowest level recorded for the month of July since 2002 says NAEA Propertymark

September 1, 2017

NAEA Propertymark (National Association of Estate Agents) Monthly UK Housing Report – July 2017 headlines ‘Summer Slump as Supply of Houses available to buy dips.’

The supply of homes available to buy last month was at the lowest level recorded for the month of July since 2002, the number of properties available to buy on estate agents’ books dropped from 37 in June to 35 in July.

The proportion of sales made to FTBs fell 30% in June to 23% in July, this is the lowest level seen since last September when the rate was also 23%.

Just 3% of properties were sold above the asking price in July, this is an increase of 1% from June, the number of homes which sold for less than asking price rose to 80% last month,  the highest level since December 2016.

Mark Hayward, Chief Executive said: “It is natural for the market to dip in the summer and then recover. We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market. We’d also expect to see the number of house hunter increase, as buyers strive to complete sales before the winter kicks in.”

Read the NAEA Propertymark Monthly UK Housing Report – July 2017 in full click here.

 

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.

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