FTBs take advantange of summer slowdown with sales surge: NAEA

In July, the number of properties available per estate agent branch increased for the third month in a row, rising from an average of 33 per branch in April to 37 in May, 39 in June and 41 last month.

Year-on-year this is a 17%, as agents had just 35 properties available to market in July 2017.

The number of house hunters fell for the second month running with 303 registered per branch in July – the lowest recorded since December 2017.

This is typical of July, as house hunters put their plans on hold while summer holiday season takes priority.

First-time buyers took advantage of these market conditions, and almost a third (30%) of all sales were made to the group in July, up from a 23% market share in July 2017.

Mark Hayward, chief executive of NAEA Propertymark, said: “What we saw in July was typical of the summer. House hunters put their plans on hold as the holiday season takes priority, and demand dips as a result. We don’t usually see first-time buyers taking advantage of this environment and pushing to agree sales while sellers are on the back-foot.

"In September, buyers typically storm the market in a bid to complete sales in time for Christmas, so first-time buyers should make the most of the slower market while they can.”