It seems an eternity ago but the housing market in February - that’s only last month - was in rude health according to data just released by the National Association of Estate Agents.
Painting a picture that is far removed from today, just a few weeks later, the NAEA says that the number of sales agreed per branch increased from eight in January to nine in February – the highest figure recorded since last August.
The proportion of sales made to first-time buyers fell from 29 per cent in January to 22 per cent in February
Meanwhile the number of house hunters registered per estate agent branch fell by 17 per cent in February, from 382 to 322.
In terms of supply, the number of properties available per member branch rose marginally from 38 in January, to 39 in February.
In February, 70 per cent of properties sold for less than the original asking price - the lowest figure since May 2016 when 69 per cent of properties sold of less than the asking price.
And in other figures which are simultaneously very recent and very outdated, mortgage approvals for house purchase rose to 73,500 in February, the highest figure seen since January 2014.
The Bank of England’s latest Money and Credit statistics, released yesterday, shows that approvals for remortgage also rose on the month to 53,400.
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Unfortunately, what had the makings of a great year for sales is now turning into a less positive one. Hopefully, the market will flow later in the year, but some of the big hitters in the industry are predicting completions may be down by 40% to around 650,000. If this proves to be the case that will of course have massive repercussions.
On the positive and there is much to be positive about, the picture changes on a daily basis and maybe by the end of April some sound sense can be made of the present fluid situation. My take on it is that of the hundreds of agents I have spoken to or communicated with since mid March, everyone is very much ready to get on with business as usual at the earliest opportunity, and many are re-thinking their business model, and questioning can they do things better?
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