Housing market prepares for summer slow-down
THE number of people putting their homes on the market increased in May as sellers tried to secure offers before the annual summer slow- down.
Demand from house hunters also rose, as buyers sought to get their offers accepted.
The latest housing report from the National Association of Estate Agents (NAEA) Propertymark showed an increase by 12% in properties available to buy during May with 37 homes available per branch in May, compared to 33 in April.
During the summer months, the market is typically quieter, as buyers and sellers take their annual holidays.
However the number of people marketing their properties is down from 40 last year and dramatically down by 62% from 97 in May 2008.
Sales stood at eight per branch for the fourth month running and for the second month in a row, 24% of these were to first time buyers.
Mark Hayward, Chief Executive, NAEA Propertymark said: “We see this every year.
“House hunters desperate to get their offer accepted, and sellers on a mission to find suitable buyers, flock the market in May.
“They’re hoping to get everything tied up so they can enjoy their summer holidays without worrying about viewings.
“But those willing to be more flexible might do well to hold off until the market’s quieter in July and August. Not everyone heads abroad over the summer, with lots of people opting for winter sun instead, so while the market is undoubtedly quieter, competition is a little less intense, which might better suit some buyers and sellers.”