In the immediate aftermath of the General Election, many property market observers suggested there would be a Boris Bounce. When you consider the impact and influence the political landscape has on the property market, this was no surprise. However, given the number of false dawns in the property market in recent years, you can see why many people are looking for evidence of the increased confidence and optimism.
Thankfully, NAEA Propertymark have provided figures which should be pleasing for buyers and vendors. The organisation states there has been an increase in property buyers engaging the market, with an increase in activity of 22%. For house buyers, there was a total of 382 registered prospective buyers per estate agent branch. The previous month’s figure was 313; and the total of 382 is the largest since September 2019, which saw a total of 387 prospective buyers register their interests with an agent.
For the year-on-year figures, the number of potential buyers has risen by over a quarter compared to January 2019.
There was also an increase in the number of sales agreed per member branch, moving from six in December to eight in January. For the year-on-year figures, there was also an increase with the January 2018 and January 2019 sales agreed per member branch standing at seven.
These figures are indicative of a market moving in the right way, but there was a fall in the number of homes being supplied to the market. In December 2019, there were 41 homes per member branch but in January 2019, the figure was 38. This is the lowest figure since June 2019, when 37 was recorded. There is a marginal increase in the year-on-year figures, moving up from 36.
Mark Hayward is the Chief Executive of NAEA Propertymark and he said; “It’s positive to see the New Year has brought some much-needed confidence to the market, with a significant increase in demand from house hunters following the General Election result. As the Spring Budget fast approaches, we hope to see housing as a priority for the new Chancellor. A clear strategy is needed to tackle key issues such as stamp duty costs, which needs to be addressed in its entirety to encourage more frequent moves, improve affordability and relax punitive financial tax on home movers.”
The NAEA Propertymark figures suggest buyers are feeling confident, but vendors are yet to be convinced. The increase in registered buyers should make vendors feel more optimistic about the sales process, but if you need assistance or guidance, we are available to discuss this with you.
At Coakley & Theaker, we are more than happy to arrange a free property valuation and market appraisal. This is an essential step before placing your home on the market, and it will allow you, and ourselves, to make an informed decision about how to approach the sales process. We believe 2020 is going to be an active year in the housing market. If you are keen to sell your home, contact Coakley & Theaker today, and we will be delighted to help.