Homebuyers down 19% in 2018: NAEA

Its figures show that the number of house hunters registered per estate agent branch fell from 304 in December to 297 in January, while year-on-year figures are down by 19%.

Additionally, the supply of housing fell by 14% in January, from 42 in December to 36 per member branch.

However first-time buyers took advantage of weakened demand with sales to the group increasing for the second month running, from 24% in December to 26% in January.

This is the highest recorded since July 2018, when 30% of sales were made to the group.

Mark Hayward, chief executive, NAEA Propertymark said: “January is usually the time where we’d expect to see house hunters flood the market following the festive lull; however, this didn’t happen last month. It’s normal that during a period of uncertainty, buyers put their plans on hold, and until there’s further clarity on what Brexit will mean for the market, we expect the level of house buyers to remain stagnant.

“However, it’s clear that people still want to sell their homes, and there’s properties available for those looking to move. While first-time buyers are taking advantage of this situation, those hoping to secure a property may well find the market is leaning in their favour, as the number of sales agreed per branch return to the level seen at the start of 2018. Although sellers are usually keen to hold off until they secure the ‘right price’, when the market is slow, they are typically more willing to negotiate. After all, when demand falls, and supply remains the same, it’s a buyers’ market.”