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House sellers’ confidence returns as supply hits two-year high

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  • 27/07/2011
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House sellers’ confidence returns as supply hits two-year high
The number of people selling their home leapt to its highest level in more than two years in June, as confidence in the market returned, according to the National Association of Estate Agents (NAEA).

Its monthly index revealed that the average number of properties for sale per branch increased to 74 in June compared to 68 in May – the highest figure since April 2009 when the average was 76.

In addition, the NAEA reported that the number of sales agreed increased to an average of nine per branch, up from eight in May.

It said that the increase in sellers and sales suggests confidence in the market, rather than a glut of unsold properties.

However, sales to first-time buyers fell 4% in June, accounting for 20% of sales. The number of prospective buyers overall also dropped for a third consecutive month, by 4% to 263 people registered per estate agency compared to 275 in May.

Wendy Evans-Scott, president of the NAEA, said: “The leap in available housing stock suggests increased confidence amongst sellers. They think there is a much better chance that their home will sell. For house-hunters, this is welcome news as it offers a wider choice of properties to pick from.

“However, efforts are still required to assist those looking to get onto the housing ladder if we are to see buyer activity match that on the sale side.”

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