Recently released data has indicated that the supply of available homes hit a 15-year low in July.
According to the latest report from NAEA’s Propertymark, last month saw a fall in the number of properties available on estate agents’ books, dropping from 37 in June to 35.
Also seeing a fall in July was the proportion sales made to first-time buyers, declining from June’s 30% to 23%. The last time it fell below this level was when it hit 21% in November 2015.
Per branch, the number of sales also saw a drop, down to 8 from 11 in June. This is, however, classed as typical for this time of year.
Falling by 10%, the number of people house hunting also saw a drop last month, down to 347 from June’s 384.
Whilst this is the lowest point the figure has been since November 2016, July’s figure was significantly higher compared to the same period last year, when it was recorded at 298.
In terms of property prices, just 3% of properties were sold over the asking price last month, up by 1% since June. Growing by a much higher proportion was the number of homes selling for less than their asking price, recorded at a monthly rise of 80%.
Commenting on the figures was Mark Hayward. The Chief Executive of NAEA Propertymark stated: “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, it remains to be seen whether this year is typical. We’d also expect to see the number of house hunter increase, as buyers strive to complete sales before the winter kicks in.”