New data has revealed that January saw a 37% increase in the number of people in search of a new home.
This is according to the latest statistics from NAEA Propertymark, with figures for both demand and supply during the first month of the year indicating that the 2018 market is off to a strong start.
In comparison to December, the number of agents registered per branch were up by 99 on average, recorded at 367 in January. The last time the number surpassed this was September last year, at 394 agents registered per branch.
The data also revealed an increase in supply throughout January, with the number of available properties per branch rising from an average of 33 in December to 36.
In contrast, however, was the proportion of homes being sold to first-time buyers, with the figure falling from 32% of all sales in December to 27% last month.
Commenting on the statistics was Mark Hayward. The Chief Executive of NAEA Propertymark stated: “As we usually see in January, buyers and sellers have re-entered the market after the festive slow-down and triggered an uplift in the number of sales agreed. While this is good news for the market generally, the increased competition seems to have affected FTBs, who generally have less bargaining power when it comes to bidding for properties.
“Our members have noticed FTBs holding off on making purchases typically outside of London, and saving for longer to maximise the full stamp duty relief. They’re skipping the ‘first time home’ and moving straight onto their second homes, to avoid growing out of their property in four or five years and facing the cost of stamp duty. This is a smart move and an example of how FTBs are making legislation work to their advantage.”
