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Survey results in June from the National Association of Estate Agents (NAEA) revealed continued stability in the housing market. The percentage of first time buyers
Sales are up by 25 per cent from June 2005, an average of 15 sales per agent was reported in June in comparison to just 12 one year ago. Sales remained steady in comparison to last month, showing strength and confidence in the market.
The average number of sales agreed per agent
The gap between asking price and selling price closed further in June, and is now at just 3.1 per cent. This is down from 4.5 per cent recorded in June 2005. It is a positive sign for the wider housing market, indicating that vendors and agents are being realistic with pricing.
Fall through rates increase
Disappointingly the number of transactions that fell through after a sale had been agreed rose in June to 9.15 per cent from 8.6 per cent in May. This increase is a natural consequence of the greater availability of housing stock seen in May. Independent research conducted on behalf of the NAEA last month, into consumer opinion on the proposed Home Information Pack (HIP), highlighted that 60.4 per cent of failed sales were due to either a broken chain or a higher offer from a competing buyer.
Serious buyers remain on the books
The number of buyers registered on estate agents books decreased in June, from 378 per agent in May to 367. However with sales and instructions remaining level, it is clear that serious buyers continued to search for their dream homes.
Time to sell up in June
An increase in the volume of property on the market in May, allowed greater choice, and has had a direct influence on the time taken to sell residential property this month from 16.68 weeks to 17.05. An increase in choice inevitably results in a more relaxed time frame in which to make that important decision and a slight slow down is the result. It is however a more vigorous market than was seen during the same period last year, where 20.25 weeks was the average time expected before a sale was completed.
Average time to sell
The average time taken to let a property was down in June from 13.58 weeks in May to 12.72, however the number of vacant properties were up from 12 to 15 per agent. A greater number of properties coupled with the speed taken to let, indicate a strong sector. More landlords appear to have entered the market creating a more competitive environment for tenants to secure the right property.
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