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Number of prospective homebuyers rises by 37 per cent in August

The number of house hunters in the UK increased by more than one-third in August, according to the latest figures from the National Association of Estate Agents (NAEA) Propertymark.

The data shows that the number of prospective buyers registered per estate agent branch increased from 316 to 433 in August 2019.

Additionally, the housing demand has grown year-on-year, increasing from 320 prospective buyers per branch in August 2018.

This follows the news that mortgage approvals reached a two-year high in July 2019, according to the Bank of England’s data.

Lending data from the BoE indicated that there were 67,306 mortgage approvals in July, which increased by 1.2 per cent from June. This also means that approvals are above the six-month average figure of 65,661.

Figures from the NAEA showed that the number of homes that are registered for sale rose in July 2019, while data from the Land Registry indicated a 15.3 per cent increase in the number of new homes sold.

Mark Hayward, Chief Executive, NAEA Propertymark said: “The summer months can often result in the market quietening down as families stop for their holidays, but our data has shown demand continually increasing over the warmer period and the number of sales agreed remaining high for the fourth month in a row.

“The ongoing Brexit uncertainty is unsettling, but we are seeing prospective buyers are returning to the marketplace as they realise that they can’t keep putting life on hold indefinitely.”

For advice on matters relating to property law, contact our expert team today.

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Jackie Prior

Jackie Prior

Associate Director – Head of Residential Conveyancing
I have specialised in residential conveyancing for more than 30 years, working my way from an office junior, progressing to a paralegal and qualifying as a solicitor in 2001.

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