Property Demand Continues to Soar
published on 03/07/2015
With uncertainty regarding the outcome of the general election over, demand to buy and rent property rose sharply in May, according to the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA), but property supply is not keeping pace.
The NAEA report that demand from buyers hit an eight-month high last month, with 383 house hunters registered on average per branch in May, up from 344 in April, and the highest number recorded since September 2014, when 406 house hunters were registered.
The supply of properties coming onto the sales market also rose in May with 46 houses up for sale per NAEA member branch, compared to 43 in April, but remains well below the level needed to help meet rising demand levels. Nevertheless, this led to a marginal rise in the number of sales per member branch, with nine sales agreed in May, compared to eight in April.