The number of properties available to buy rose by 12% in May, as sellers anticipated a summer slow-down and raced to get offers secured, NAEA Propertymark’s May Housing Report has found.
There were 37 homes available per branch in May, compared to 33 in April.
During the summer months the market is typically quieter, as buyers and sellers go on holiday. So in line with this, supply has increased every May since 2015.
Mark Hayward, chief executive, NAEA Propertymark, said: “We see this every year. House hunters desperate to get their offer accepted, and sellers on a mission to find suitable buyers, flock the market in May.
“They’re hoping to get everything tied up so they can enjoy their summer holidays without worrying about viewings.
“But those willing to be more flexible might do well to hold off until the market’s quieter in July and August.
“Not everyone heads abroad over the summer, with lots of people opting for winter sun instead, so while the market is undoubtedly quieter, competition is a little less intense, which might better suit some buyers and sellers.”
Year-on-year, the number of sellers marketing their properties is down from 40 in May 2017, and looking at a 10-year comparison, it’s down 62% from 97 in May 2008.
Demand from prospective buyers increased from 337 in April, to 351 in May, as house hunters set out to have offers accepted before their summer holidays
Year-on-year, there hasn’t been much movement as May 2017 saw 350 house hunters registered per branch. But looking at a 2-year comparison, demand has increased hugely. In May 2016 there were 304 buyers registered per branch, marking a 15% increase over the last two years.
For the fourth month running, the number of sales agreed stood at eight per branch, and for the second month in a row, 24% of these were made to first-time buyers.
Year-on-year, the number of sales agreed is down from 10 in May 2017, while the percentage of those which were made to first-time buyers is also down from 26% last year.