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

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Building societies winning the mortgage rate war

Competition is fierce in the mortgage market, and borrowers may assume that the rates from banks will be significantly lower than those elsewhere. However, things aren’t as they seem, as building societies are the winners of the mortgage rate war.

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.