Hous­ing mar­ket pre­pares for sum­mer slow-down

Belfast Telegraph - Propertynews - - News -

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.”

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