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Estate agents report surge in houses up for sale

The National Association of Estate Agents (NAEA) has reported a surge in the numbers of people looking to sell their property.

The stock of unsold properties on estate agents’ books is at its highest level for more than two years, according to new research. A surge of new sellers pushed the average number of houses for sale at each branch to 74 properties in June, up from 68 in May, according to the NAEA.

Increased confidence that they could get a sale had encouraged sellers, the association said, adding it is the highest average properties per branch total since April 2009. Stocks have risen even though the number of sales per branch increased over the month from eight to nine.

NAEA president Wendy Evans-Scott said the increased stock offers a wider choice of properties to pick from, but she conceded the problems of getting a mortgage, especially for first-time buyers, means demand remains subdued.

The number of potential buyers registered at each branch fell from 275 to 263 over the past month and are down from 279 this time last year.

The figures back the most recent survey from Rightmove, which said house asking prices fell for the first time this year in July as the number of unsold properties on estate agents’ books climbed.

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