Supply dips but housing market is still strong!

A great time to sell, despite economic and political uncertainties!

The National Association of Estate Agents says that both demand and particularly supply have dipped in the past month but overall the market remains stronger than expected given the ongoing economic and political uncertainties including BREXIT.

The latest report from the NAEA, for the month of June 2019, says the number of house hunters registered per estate agent branch fell only slightly from 307 to 305, but despite this, the number of prospective buyers remains high for the year.

There’s very little difference from the position this time last year, when there was an average of 308 house hunters per branch. These figures, year on are almost level.

Meanwhile the number of properties available per member branch dropped in June, from 41 in May to 37; this compares to 39 properties available to buy in June 2018.

The number of sales agreed per NAEA member branch remained at nine in June, the same level for the second month running, and the number of sales made to first time buyers in June decreased slightly, falling from 26 per cent in May this year to 23 per cent in June.

“Although we’ve seen a slight drop in supply and demand, the housing market is still stronger than expected, showing signs of resilience amid political uncertainty. The warmer months

can often result in the market quietening down, but we’re not yet experiencing this just yet as demand remains high for the year” explains Mark Hayward, NAEA Propertymark’s chief executive. 

“We’ll need to see if this trend continues over the next few months before we can conclusively say that confidence in the market has returned.”

Open House Portsmouth say:

We are still experiencing the demand for quality housing in the Portsmouth area. There are still keen, qualified buyers out there. Properties are selling, despite all the negativity about property prices dropping after BREXIT is finalised, whenever that may be!! Organically, people will always need to move/buy and sell property, for whatever reason! Upsizing, downsizing, first time purchase, investment and other not so happy circumstances. In general, its not all doom and gloom for house movers, the market IS STILL MOVING!

A photograph of Sharon McMahon from Open House Portsmouth
Written by:
Sharon McMahon
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