Last month saw an increase of nearly 10 per cent in the supply of houses coming on to the market, according to the National Association of Estate Agents (NAEA).
Figures from the NAEA September Housing Market Report showed a leap in properties entering the market, up from an average of 52 in August to 57 in September – putting a halt to four consecutive months of decline since April 2013.
NAEA members also reported a drop in the number of house hunters registering with agents, down from a recent high of 322 in August to 314 in September. But house sales kept steady with the average number of sales agreed remaining the same in September as it was in August at an average of nine per branch, suggesting that those house hunters who were active in the market were serious in their pursuit for a home.
First Time Buyers also remained strong, with one in four of all properties sold by NAEA members being sold to first timers. With the economy strengthening and competitive mortgage products readily available many house hunters were up-sizing rather than down-sizing. Nearly a third (32 per cent) of all properties sold in September were due to house buyers wanting to up-size from their existing property, whereas, only a quarter were looking to down-size.
NAEA member agents also found that seven out of 10 properties sold for less than the asking price. More than one in five (22 per cent) sold for the original price and just seven per cent of properties sold for more than the asking price.