The National Association of Estate Agents (NAEA) has released April’s property sales data that shows the number of first time buyer sales agreed by estate agents reached their highest level since October 2018.
Year on year the number of first time buyer sales was up 3%.
In April, the percentage of sales to first time buyers reached 27%, up from 26% in March.
NAEA’s data records that the number of monthly sales agreed in member branches rose in April to eight per branch compared to seven in March.
Year on year the overall total of property transactions remains unchanged.
Housing stock has risen year on year – in April 2018 only 33 properties were available to buy. This April, branches have reported 35 available properties, down slightly from 37 in March.
In April, the number of applicants registering at each estate agent was lower than in March, dipping by 10% to 265 house hunters from 296. Previously, the lowest number of buyers was 237 in April 2008. Since last April, there has been a 21% decrease in the average number of home buyers registering per member branch.
Mark Hayward, NAEA chief executive said: “‘Despite a fall in housing supply and demand, it is encouraging to see an increase, for the first time this year, in the number of sales going through.”
Mr Hayward explained: “Even though buyers and sellers remain uncertain given the current climate, figures indicate that many are continuing to move forward with their transactions and sales are still happening at the rate we would expect to see at this time of year.”
Negotiation gets a sale moving
“More than four in five properties are selling for less than the original asking price, so there’s an opportunity for house buyers and sellers to negotiate an offer to get a sale moving.”