House Hunters at 11 year high

According to data released today by the National Association of Estate Agents, the number of house hunters registered per branch was the highest recorded in eleven years.

The monthly report found 439 house hunters were registered on average per NAEA member branch in June, 15% more than in May when 383 house hunters were registered per branch and the highest since August 2004 when 582 were recorded.

Despite a massive jump in demand, supply of housing stock fell marginally from May, to just 44 houses available per branch (compared to 46 in May), widening the growing gap between supply and demand.

Mark Hayward, managing director, National Association of Estate Agents said: “What we’re seeing is a market that lulled over the General Election period, coming back to life in full force. Buyers are feeling more confident and those who put their plans on hold over the Election and political aftermath have kicked off their hunt, causing this massive jump in demand. There’s also an impetus to buy right now in light of the impending interest rate rise as buyers fight to buy and fix mortgage rates. But the fact that demand is at an eleven year high without the housing stock to fuel it, is bad news for the market.”