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Housing demand is at a 12 month low

The number of house hunters registered at estate agents dropped to a 12 month low in August, with 343 per branch on average, according to the latest Housing Report by NAEA Propertymark (National Association of Estate Agents). This was down from 347 in July.

The number of new registrations hasn’t been this low since last August (2016), when estate agents had 287 house hunters registered per branch. Meanwhile, the number of properties available to buy on estate agents’ books increased marginally from 35 in July, to 37 in August. The number of sales agreed per branch also remained low in August, with eight on average per branch.

Mark Hayward, chief executive at NAEA Propertymark said:“House hunters tend to put their plans on hold over the summer months while they prioritise holidays, and as a result of this trend, stock is usually lower. However, while we saw the number of properties available increase very marginally last month, it wasn’t remotely enough to start to close the gap between supply and demand. We shouldn’t take August’s decline as a sign of things to come – we’ll see the market bounce back in September and ramp up towards the end of the year as house buyers desperately try to complete transactions before Christmas.”

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