Estate Agents Report Increase In Property Sales Instructions

 

A survey of estate agents has revealed that February 2011 saw a definite rise in the number of people putting their property on the market for sale.

The market report by National Association of Estate Agents (NAEA) for February shows a year-on-year rise of 25% in the level of available housing stock. The number of applicants registering with an agent for property sales across the UK also rose to 268 reported in February compared with 252 in January per office, the highest level for seven months.

Sales also increased across the property market in February, growing from an average of 6 to 8 per office month-on-month, despite continuing consumer fears of a potential interest rate rise. The percentage of sales made to first-time buyers also showed a small increase from 24% in January to 25% in February.

President of the NAEA Michael Jones stated: “To see such a significant boost in activity amongst sellers compared with this time last year is encouraging news for the UK property market. The signs are that they are being more realistic about the price they can expect to achieve when they put their house on the market. This means that, on the whole, supply can meet demand levels, meaning a more stable market, for the short term at least."

He continued, “However, the picture is still very variable across the UK with agents reporting much higher growth in enquiries and stock availability in some regions than others. Undoubtedly, broader economic constraints on spending continue to impact on consumer confidence, especially at a First Time Buyer level, and the effect of the public sector cuts has yet to be fully felt. With limited mortgage availability and the concern about a likely rise in interest rates still putting off many of the people who otherwise would be looking to buy, it is important that the government does everything it can to encourage growth at this crucial stage of the recovery process.”


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