Phipps and Pritchard Property Market Update for September

Tue 4 September 2018

We are bracing ourselves for increased activity as we move into September. It is noticeable that peoples focus is turning back to property as we see the end of the Summer Holidays and children returning to school next week. The mailing list which has been surprisingly high with proceedable applicants the largest sector being those in rented has shifted in latter weeks with the first time buyers increasing once again.

The latest report from Mark Hayward, Chief Executive, NAEA Propertymark concurs and highlights of his report are set out to follow:

FIRST-TIME BUYERS REAP THE REWARDS OF A SLOW SUMMER

Key Findings

The supply of properties available to buy increased in July, while demand fell
First-time buyers (FTBs) took advantage of this, as the number of sales made to the group rose to an eight-month high

Demand for housing

Overall, the number of house hunters registered at estate agents fell for the second month running with 303 registered per branch in July – the lowest recorded since December 2017 when agents had 268 on their books.
This is typical of July, as house hunters put their plans on hold while summer holiday season takes priority. For the last three years, demand has dipped in July compared to June.

Sales to first time buyers

FTBs took advantage of these market conditions, and almost a third (30 per cent) of all sales were made to the group in July.
This is an increase of one percentage point from June and seven from July 2017 when just 23 per cent of sales were made to the group.

Mark comments:

“What we saw in July was typical of the summer. House hunters put their plans on hold as the holiday season takes priority, and demand dips as a result. We don’t usually see FTBs taking advantage of this environment and pushing to agree sales while sellers are on the back-foot. In September, buyers typically storm the market in a bid to complete sales in time for Christmas, so FTBs should make the most of the slower market while they can.”

Zoe Herbert DipREA FNAEA

Partner

Phipps & Pritchard