House hunters are still out in force as the number of people looking for a property during September hit a ten year high, according to the latest Housing Market Report by the National Association of Estate Agents (NAEA).
NAEA member agents reported an average of 406 house hunters at each branch – the highest number recorded since October 2004, when an average of 511 buyers was reported.
Housing supply also increased between August and September, from 49 houses per member branch to 51.
After previously reporting the number of first-time buyers (FTBs) was at an all-time low, NAEA figures show a positive upturn as FTBs now account for 30% of all NAEA member sales during September, an increase of 10% compared to July’s figures.
Mark Hayward, NAEA Managing Director, said that the organisation’s latest figures demonstrate that people are ready to get on or move up the housing ladder.
“September is a notoriously busy month in the housing market; the kids have gone back to school after the summer and people want to get sorted before Christmas, and as Brits are in more comfortable financial situations, more people will want to buy and sell homes,” he said.
The NAEA’s figures also suggest that there are many bargains to be had for property buyers as 82 % of properties sold in September went for less than asking price (an increase of 16% from July, when this was last reported on).
Mark Hayward concluded by echoing the warnings of many that an impending base interest rate rise may affect the property market in 2015 and that the government must make building new homes a priority.
“All of our research does emphasise the need for the government to take action and ensure measures are in place for more homes to be built in order for supply to eventually meet the growing demand,” he said.