You are here: Home - News -

Political uncertainty hits housing demand – NAEA

by:
  • 27/06/2017
  • 0
Political uncertainty hits housing demand – NAEA
Only 3% of properties sold for more than the asking price in May, according to the latest figures from the National Association of Estate Agents (NAEA Propertymark).

In its May Housing Report, NAEA said the number of homes which sold for less than asking price rose to 77% – up five percentage points from April.

Demand fell to a six-month low, with the number of house hunters registered per estate agent branch falling 8% to 350 in May from 381 in April.

NAEA said this is unsurprising given the political uncertainty ahead of the General Election this month. It said demand from prospective buyers is still 15% higher than in May 2016, when 304 were registered per branch.

Supply has also risen, with the number of properties available to buy up by 11% to 40 per branch, and higher than the same time last year when 37 properties were available to buy per branch.

Sales agreed per branch rose from eight in April to 10 in May – the same level seen in March.

Mark Hayward (pictured), chief executive of NAEA Propertymark, said: “As a rule of thumb, periods of political uncertainty impact the way buyers and sellers interact with the housing market. In May, it looks like new buyers were stalling their house search until after the election.”

“However the number of sales agreed per branch increased, meaning the political landscape hasn’t deterred all house hunters. Following the result of the general election, it will be interesting to see how the market reacts over the coming months as summer is peak house-moving season.”

 

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
drawing up building plans
Saffron revamps self-build mortgage product

Saffron for Intermediaries has launched a flexible drawdown interest-only self-build mortgage.

Close