First-time buyer sales increase as supply improves: NAEA

The number of sales agreed per estate agency branch rose from eight in May to nine in June, but this remains 18% lower than June last year when agents agreed a total of 11 sales per branch.

However the proportion of sales made to first-time buyers rose by five percentage points to 29% in June – the highest amount recorded since February - as the supply of housing rose while demand dropped.

The number of properties available per branch rose by 5% in June, from 37 to 39, while the number of house hunters decreased by 12% to 308 - the lowest number of buyers recorded since March this year and 20% lower than June 2017.

Mark Hayward, chief executive of NAEA Propertymark, said: “We have seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period.

"If a seller is hoping to avoid the summer slowdown and is looking to market their home once this has passed, they can spend some time over the coming months ensuring their home is ready for sale, whether it be decluttering, or refreshing the décor.”