29 Jul

Demand for housing reaches 11 year high

Demand for housing reaches 11 year high

The number of people searching for properties has reached an 11 year high as estate agents report a rise in house hunters.

According to the latest figures from the National Association of Estate Agents (NAEA), an average of 430 people are registering per branch - although the number of homes going on sale is falling.

There has been a 15 per cent increase since May when a total of 383 house hunters were registered per branch.

Mark Hayward, managing director of the NAEA, explained the market saw a downturn in activity due to the General Election.

He added: "Buyers are feeling more confident and those who put their plans on hold over the election and political aftermath have kicked off their hunt, causing this massive jump in demand.

"There's also an impetus to buy right now in light of the impending interest rate rise as buyers fight to buy and fix mortgage rates. But the fact that demand is at an 11 year high without the housing stock to fuel it, is bad news for the market."

The figures also revealed that the number of sales made to first-time buyers fell last month, accounting for 24 per cent of transactions, compared to 29 per cent in the previous month.
 
Mr Hayward explained: "The growing gap between supply and demand is worrying and clearly demonstrates that more needs to be done to plug this. The election was full of promises to build more houses, but now those promises need to be put into bricks and mortar to respond to demand."ADNFCR-1222-ID-801795800-ADNFCR

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