Housing market stable through April
The latest housing survey from the NAEA showed the average agent sold eight properties per branch in April which was the same as in March and February.
The number of house hunters registering to look for property took a slight hit falling from an average of 290 in March to 277 in April. The figures remain in line with year on year figures despite the drop in demand.
The number of sales made to first-time buyers decreased slightly moving from 23% to 21% across March and April.
Michael Jones, president of NAEA, said: “Although regional variations do remain, this latest report indicates that the housing market is showing some overall resilience to economic pressures. Despite the expected lull in activity during the Royal wedding celebrations as people took advantage of the series of bank holidays to go abroad, sales remained stable.
“This continued stability might well be attributed to the Easter break at the start of April, a time when our agents saw increased house hunter activity and the bulk of their sales for the month, which could have cushioned against the drop off towards the tail end.
“However, it is disappointing to see the market share for first-time buyers decrease for a second month in a row. Although in line with figures from this time last year, the Chancellor’s Budget, which made special concessions for this group has had little effect so far. Had the government focused on fiscal stimulus policies across the wider property market, we might well have seen some much needed upward momentum instead.”