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According to a recent study, the UK property market has seen a sharp increase in demand over recent months.
New data from the National Association of Estate Agents (NAEA) suggests that the gap between supply and demand continues to grow as the supply of properties took a slight fall between the May and June of this year.
The study from the NAEA found that on average the number of sales agreed per branch rose from 10 in May to 11 in June.
In addition to this, the number of first time buyers also saw growth in the month of June as 30% of sales completed were buyers who were jumping onto the property ladder for the first time, the highest number of first time buyers that we’ve seen all year.
Demand for homes is also on the rise as the NAEA reported a 10% increase in the number of registered buyers per branch in the same month, rising from 350 to 384 potential buyers per branch throughout the UK. This is also a 16% increase in the number of buyers per branch in the same month in 2016 showing a consistent rise over the past year.
While demand continues to climb, supply has gone slightly in the other direction, with the average number of properties per branch falling from 40 to 37.
Chief Executive at the NAEA, Mark Hayward, offered his comments on the findings stating, “In May we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June however, it seems the market has bounced back, with the number of house hunters rising.
“Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months.”