26 Aug

Demand for housing reaches decade high

 Demand for housing reaches decade high

The demand for housing in the UK is continuing to grow and reached an 11-year high this month.

Data from the latest report produced by the National Association of Estate Agents revealed the number of people looking for a new home was up by five per cent compared to the previous month.

Overall, an average of 462 people registered per estate agent branch - the largest number since August 2004 when 582 registered.

There has also been an increase in the number of homes available for sale, with a 25 per cent rise on July's levels, with each branch having 44 properties on their books.

However, the National Association of Estate Agents report showed that the number of sales has remained rather steady over the past few months as purchases continue to take time to complete.

Figures also revealed the number of first-time buyers managing to purchase a home fell in July – suggesting it remains a struggle to step on to the property ladder.

"Typically, we'd expect to see sales taking longer to complete during the summer months, as buyers and sellers are on holiday. It is alarming however, that the number of sales being made to first time buyers is steadily falling," said Mark Hayward, NAEA managing director.

He added: "The fact that there is more housing coming on to the market means that hopefully over the next few months we’ll see activity in the market increasing and more sales completing, to respond to the growing army of house hunters we’ve seen emerging over the last few months."ADNFCR-1222-ID-801798743-ADNFCR

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