I know, I know, nearly everyone is sick of the ‘B’ word, but stay with me, this is a message for good! Last month I was reading a report published by NAEA Propertymark that showed a change in the usual property buying patterns for the summer. I was intrigued as I had noticed this trend myself but thought I might just be imagining things. Anyway, I took some time to explore to see just how the findings of the report were going to affect the Hunters Franchise family.
As professionals, we get to know the market trends to expect, we get a feel for when the lulls may arrive, and look forward to the times of richness in the market- July 2019, however, has changed the pattern we usually experience- we are used to a decline in house hunters as people prepare for summer holidays, days in the garden enjoying the sunshine, Pimms, the lengthy summer holidays with the children at home for weeks on end etc….. but this year, house hunters bucked the trend and came out in droves to look to complete on property sales before the end of October and the current Brexit leave day.
This shift was first identified by witnessing the increase of active new ‘home-hunters’ registering in July from 305 to 316 per estate agency branch – this also shows an increase from just 303 in the same period last year. The NAEA also found that the number of properties for sale (per member branch) rose from 37 in June to 41 in July. These figures show that both buyers and sellers are focused on getting a deal done with the demand for properties, and the supply of properties, steadily increasing.
The number of sales agreed has also been rising month on month since May 2019, and what I find exciting is that the amount of sales to first time buyers also increased from 23% in June to 26% in July. Interestingly, more than 4 out of 5 properties were sold for under the asking price, this would no-doubt account for the rise in sales- we are definitely witnessing a spike in the strength of the ‘buyers’ market combined with sellers being more likely to secure a sale.
Obviously, as with most reports, the figures are worked out as averages nationally and we all know there are areas of boom, and socio-economic areas where property moves slowly. However, what the stats do show us is that there is a buzz in the property market to move forward and not feel restricted by financial and social uncertainty. It appears that buyers and sellers have concluded they cannot continue to delay moving to a new home, life goes on regardless of the dealings at Westminster.
I am certain we will all have challenges ahead, our branches and franchises will no-doubt vary in their own journeys, but the important message is that the Hunters family stands strong together throughout this promising time of increased sales, just as it will if, or when, growth in sales level.
If you would like to find out more about how these trends may affect your business, or you are interested in joining the Hunters family to become part of the nation’s favourite estate agents, please do get in touch.