June Figures Released Show a Mixed Picture for the Property Market
Figure just released by Propertymark show applicant numbers at estate agencies down slightly from 307 to 305 but perhaps surprisingly, the number is somewhat higher than would normally be expected at this time of year.
June Property Market Figures
Tom Cranenburgh of GetAnOffer explains, “Applicants are able to take a bit more time to decide on a property recently so applicants remain applicants rather than buyers for a bit longer which explains the high levels this summer.”
Availability of property has dropped slightly year on year – from 39 in June 2018 to 37 this year. The average estate agency branch sold 9 properties in June which is the same figure as a year ago although it is widely believed that a higher proportion will fall through before exchange of contracts as buyers (and some sellers) become nervous and mortgage lending rules become tighter.
Tom at GetAnOffer “It is a very tough market for the average High St agent, caught between reducing demand and supply of property and a lot of pressure on fee income. Although we operate a no sale no fee system like many on the High St, because we have one large Hub we operate from, there are lots of efficiencies versus an average office. We’re very busy at the moment, often selling property that has been on the market with other agents for ages.”
And the Future?
“Very hard to call that one!” laughs Tom. “There are lots of uncertainties but people still want to move home so we don’t see any great issue in the near future.”
The full report can be read here:
Posted on in News