In May, buyer interest suffered as a result of the end of the Stamp Duty Holiday, however NAEA agents reported the return of the ‘serious househunter’ to the market in June, looking to secure a purchase before summer holidays and events such as the Olympic Games take place.
House sales remained stable with an average of 7 recorded per branch in June, marking a fourth consecutive month at this level.
Encouragingly, first time buyer levels also saw a slight increase with a 19 per cent market share in June compared with 17 per cent in May. However, this is still down on year-on-year figures. In June 2011, first time buyers represented a 21 per cent share of the overall property market.
NAEA President Mark Hayward said, "After the bad news for first time buyer levels last month, it is pleasing to see that the market is showing some signs of resilience in the face of challenging conditions and we should welcome signs of the return of the serious househunter.
"Although year-on-year data is less encouraging, it should be tempered with the fact that the UK is now in the grip of a deeper recession than previously predicted. It remains to be seen how wider economic developments – such as the recent shrinking of the UK’s GDP in Q2 – will affect supply and demand levels, however NAEA agents are already predicting a slowdown in activity."
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