Buyer demand increases but agents warn more sales have collapsed since lockdown

Demand for property has increased since the housing market reopened in May but there are signs of more fall-throughs and lower sold prices, agents claim.

Analysis of member activity by NAEA Propertymark during May found the number of house hunters registered per estate agent branch rose from 322 in February before the market closed in March and increased to 344 following the reopening last month.

However, agents reported 70% of properties have sold for less than the original asking price although there is no indication of how much lower.

Additionally, 61% per cent of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown.

NAEA Propertymark’s analysis shows the average number of sales agreed per estate agent branch stood at five in May, down from nine in February.

Supply was also down, at 35 properties per member branch compared with 41 this time last year.

Mark Hayward, chief executive of NAEA Propertymark, said: “It’s great to see the market up and running again, bringing some much-needed confidence back.

“With estate agents following new socially distanced protocols, and the demand for viewings soaring, we are set for an exciting summer.

“It will be interesting in the coming months to see if the lifestyle changes triggered by the pandemic will have an impact on house sale locations, especially in and around commuter towns.”

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One Comment

  1. SoldPal90

    not sure exciting is the adjective I’d have gone for after delivering those stats.

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