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TODAY'S OTHER NEWS

Market surge as buyers soar over a fifth despite winter weather

New figures from the National Association of Estate Agents show a big surge in demand despite the winter weather since the start of the year.

The number of house hunters registered per estate agent branch increased in January, rising by 22 per cent from 313 to 382. 

This is the highest figure seen since September 2019 when there were 387 prospective buyers registered.

Year-on-year, housing demand is up by almost a third - 29 per cent - increasing from 297 house hunters per branch in January 2019.

Meanwhile the number of properties available per member branch fell from 41 in December, to 38 in January. This is the lowest seen since June 2019 when it stood at 37.

Year-on-year, the supply of housing is up, rising marginally from 36 in January 2019.

The number of sales agreed per member branch rose by a third, from six in December to eight in January, and year-on-year, the number of sales agreed also increased by a third, from seven sales agreed in both January 2018 and January 2019.

On first time buyers, in January the proportion of sales made to FTBs remained the same at 29 per cent.

“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” explains Mark Hayward, NAEA chief executive.

“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.”

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