Number of available properties in July reaches lowest level since 2002
The number of properties available to buy on estate agents’ books last month was at the lowest July level since 2002.
The number of properties was recorded at 37 in June, yet the number fell to 35 in July.
Mark Hayward, chief executive at NAEA Propertymark, said: “It is natural for the market to dip in the summer and then recover.
“We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market, it remains to be seen whether this year is typical.”
The proportion of sales made to first-time buyers fell to 23% which is the same percentage seen in September 2016.
The number of people looking for properties fell by 10% to reach its lowest level since November 2016 despite a significant yearly increase.
Hayward added: “We also expect to see the number of house hunters increase, as buyers strive to complete sales before the winter kicks in.”