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Spring arrives early to the property market
Thursday, February 27, 2020
Property market activity increased significantly during January, according to NAEA Propertymark, indicating a busy few months for estate agents ahead of the peak spring market. The average number of house hunters registered per estate agent increased by 22% last month to reach the highest figures recorded for six months, NAEA Propertymark says. This is not just the usual seasonal January increase; the number of house hunters in the property market is almost 30% above the same period last year.
Sales agreed nationwide also went up by a third in January bolstered by first time buyer purchases at 29% of all sales, up 3% on last year.
Mark Hayward, Chief Executive, NAEA Propertymark commented, “It’s positive to see the New Year has brought some much-needed confidence to the market, with a significant increase in demand from house hunters following the General Election result.” Given these conditions, vendors should be encouraged by the prospect of selling their property fairly quickly if it is priced sensibly. Demand is good and stock levels still relatively low.
“As the Spring Budget fast approaches, we hope to see housing as a priority for the new Chancellor,” says Hayward. “A clear strategy is needed to tackle key issues such as stamp duty costs, which needs to be addressed in its entirety to encourage more frequent moves, improve affordability and relax punitive financial tax on home movers.”
