House-hunters at four year high - Mortgages - News - Moneyfacts


House-hunters at four year high

House-hunters at four year high

Category: Mortgages

Updated: 28/10/2011
First Published: 28/10/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House-hunters are back pounding the streets after it was revealed demand for UK property reached its highest level in over four years in September.

Enquiries from people looking to buy a new home rose for the second consecutive month last month, according to the National Association of Estate Agents (NAEA).

As a result, the average estate agent now has 308 people registered as looking for homes, the highest number seen since September 2007.

At the same time, the number of houses available for sale also increased from 65 per branch to 72 across August and September, its highest level for three months.

"Despite wider economic concerns in the European financial markets, this data indicates that UK sellers believe they will be able to secure a sale for their property, if reasonably priced," said the NAEA.

Meanwhile, first time buyers also enjoyed a slightly larger share of the overall sales market, accounting for almost a quarter (22%) of sales in September.

However, estate agents also reported that a lot of regional variation exists in the number of first time buyers getting onto the housing ladder.

Overall, the number of house sales remained unchanged compared with August, with an average of eight made per agency branch.

"It is encouraging to see that the number of enquiries is increasing, but sellers need to be very realistic when pricing their property in order to secure a sale in what is still a very cautious market," said Wendy Evans-Scott, president of the NAEA.

"The number of first time buyers on the market has increased slightly over the course of the month although our agents are reporting widespread regional variation.

"Lending still remains a real barrier to homeownership for this part of the market."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Halloween horrors that put people off a home

Halloween is just around the corner, and many people will be getting their homes ready for a night of spooky fun. However, if you’re trying to sell your home, there are some real-life horrors that could put people off…

Londoners could be saving for a century to buy

We all know how expensive property can be in London and how tricky it is to get on the ladder, but the figures could still come as a shock, with a study finding it could take more than a century for the typical Londoner to save a deposit.

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.