The NAEA recently announced the results of the property sector for July of this year and the results are certainly interesting and include a UK property sales high not seen for thirteen years.
It was noted that branches of estate agents sold an average of thirteen houses during July. This figure has not been so high since before the financial crisis in June of 2007, making it a UK property sales high for that period. Looking at this on a year-to-year basis also makes for interesting reading, with a 44% increase in comparison to July of last year signifying a remarkable increase.
With large increases in the number of sales there has come a decrease in the sale prices of properties. Just 8% of sales were agreed above the asking price, down from 10% in June. Add to this the fact that 60% of sales were agreed for below asking price and it is clear there has been a slight decline in sales prices.
The decrease in sale prices, somewhat surprisingly, comes with an increase in demand. The NAEA reports an increase of 13% in new house hunters registering per branch in July when compared to June. Year-on-year the statistics align, with a 35% jump in new signups in comparison to July of last year.
Along with demand, supply also rose. In June of this year branches across the UK would have, on average, 37 properties for sale. In July this jumped by six to 43 properties on sales at each branch, representing an increase in supply. However, year-on-year there has only been a minimal change with an average of 41 properties available throughout branches in July of last year.
The figures certainly represent a large change for the property market during July and one that is likely to continue into August and beyond. Head on down to our Bovey Tracey office and have a chat with us to discuss your options!