NAEA Propertymark has issued its May Housing Report. It revealed that the number of properties available to buy increased by 12% in May, as sellers anticipated a summer slow-down and raced to get offers secured.
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 head abroad in search of sun. In line with this, supply has increased every May since 2015. Also, the number of sellers marketing their properties is down from 40 in May 2017, and looking at a ten-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 two-year comparison, in May 2016 there were 304 buyers registered per branch, marking a 15% increase over the last two years.