Buyers are returning to the property market in their droves as the ‘wait and see’ approach to Brexit is dropped by property market stakeholders.
Although many buyers remain anxious about Brexit and the impact it will have on the economy and property prices, NAEA Propertymark’s Housing Report for August has found that house hunters registered per estate agent increased by 37% in August.
Despite an expected lull in the property market during the summer months as families flock to foreign destinations in search of sun and relaxation, 433 buyers were registered per estate agent branch in August, determined to find a property in spite of the political uncertainty.
This represented the largest number of house hunters since the referendum result in 2016 and signified a rise in potential buyers of 113 per branch when compared with the 320 registered in August 2018.
It is also a significant increase from the 343 registered house hunters per branch from August 2017 and the 287 from August 2016.
Housing stock also improved to the largest amount in August since the UK’s decision to leave the EU in 2016.
In August, there were 44 available properties per estate agent branch, rising from 41 in July, 40 in August 2018, 37 in 2017 and 41 in August 2016.
Sales agreed per branch has remained consistent at nine sales for four consecutive months. It is also in line with the nine sales recorded in August 2018.
Compared with August 2018, the number of first-time buyer sales also increased, rising from a 20% share to 26%.
Mark Hayward, Chief Executive of NAEA Propertymark, said:
“The summer months can often result in the market quietening down as families stop for their holidays, but our data has shown demand continually increasing over the warmer period and the number of sales agreed remaining high for the fourth month in a row.
“The ongoing Brexit uncertainty is unsettling, but we are seeing prospective buyers are returning to the marketplace as they realise that they can’t keep putting life on hold indefinitely.”
Although the political situation may be all doom and gloom, the property market appears to be displaying a steadfast resilience.
