Number of properties on the market rises

Our most recent housing market report saw agents welcoming an increase in the number of properties on the market. In fact we found that the traditional summer “dip” was less severe than expected.

For the first time since April 2009, the number of properties available to buy rose, from 59 in July to 64 in August.  This suggests that as the market picks up the stock of properties should increase as a result of buyers working their way through the system.

As expected during the summer holiday period, our agents recorded a fall in the number of people looking to buy a property, from 292 in July to 238 in August – the lowest number of any month in 2009.

However despite that fall, sales remained relatively strong, with the average agent selling eight properties (7.6) in August – compare to nine (8.6) in July, notably stronger than any month in 2008. (Comparably, a year ago in August 2008 the average agent sold just five properties.)

If we had been told in August last year that in 12 months time agents would be selling eight properties on average per branch we would have been delighted, given the dire forecasts at the time.

Yet if a recovery is beginning as we anticipate, it presents a key opportunity for the Government to persuade major lenders to manage and sustain it for the benefit not just of the housing market, but for the UK economy as a whole.


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