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Home buyer and seller activity ramps up driven by fear ahead of Brexit deadline

by: Mortgage Solutions
  • 29/08/2019
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The fear of a price collapse in the housing market after the October 31 deadline to leave Europe continued to stoke the market up to unseasonal levels of activity in July, according to reports.

 

An index from the National Association of Estate Agents (NAEA) suggested the number of potential buyers registering with agents rose, as the supply of available housing also increased from 37 at each branch to 41.

The number of house hunters registered per estate agent branch also increased in July, from 305 to 316.

Despite there usually being a summer lull, the number of sales agreed per member branch remained at nine in July, the same level for the third month running.

Sales to first-time buyers also increased from 23 per cent in June to 26 per cent in July, although this still represents a year-on-year fall of four per cent, down from 30 per cent.

Mark Hayward, chief executive, NAEA Propertymark, said: “The summer is typically a quieter period as house buyers and sellers put their plans on hold with housing market activity stalling as a result.

“However, this has not been the case this year. Buyers can only delay the need to move for so long and we’re now seeing buyers storm the market hoping to complete transactions before the end of October.”

The NAEA survey is drawn from 12,000 estate agency offices in the UK.

 

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