Number of UK home buyers falls by a third year on year, agents data shows

Taylor Scott International News

The number of house buyers in the UK has fallen by a third year on year with demand now at its lowest since November 2013, according to estate agents. In July the number of house hunters registered with members of the National Association of Estate Agents (NAEA) dropped to an average of 298, down 330 from the previous month. It means that demand is some 35% lower than July last year when 362 were registered per branch. The fall off comes at a time when the supply of housing increased marginally from 37 per branch to 38 in July. The NAEA monthly report also shows that last month, eight out of the 10 properties sold per member branch were for less than the original asking price, an increase of 8% from June. The number of sales made to first time buyers decreased in July from 30% of total sales made in June to 25% and in July, the number of sales agreed per member branch remained at eight. Some 31% of estate agents reported that there has been no changes in the housing market since Brexit and everything is business as usual while 31% of agents stated that the interest from foreign investors has remained the same. ‘We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months,’ said Mark Hayward, NAEA managing director. Taylor Scott International

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