You are here: Home - Mortgages - Buy To Let - News -

Property sales down 38%

Written by:
The number of homes on the market has declined by 38% since the UK economy went into recession in December 2008.



The latest National Association of Estate Agents’ (NAEA) Housing Market Report revealed that there were 62 properties for sale per estate agent branch in September, a healthy increase from 60 per branch in August, but significantly down on the 100 per branch in December 2008.

Mark Hayward, president of the NAEA said:

“This pre-recession comparison shows the true extent of the drop in the levels of available housing since the economic downturn took hold. “A combination of increased seller caution and a seizing up of activity within the house building sector has led to a significant reduction in the number of homes on offer for would-be house buyers.

“While it’s important that house hunters have access to funding and mortgage finance, a more meaningful commitment to delivering higher volumes of new homes is required to get the market moving again.

“Government initiatives such as the recent Newbuy scheme, which allows lenders to supply 90 to 95 per cent mortgages for homebuyers, have not yet had a tangible impact on the development of new homes and their aspirations are arguably too low. Our research supports findings from the Future Homes Commission, which calls for a threefold increase in the number of new homes entering the market annually.”

The report also showed that the percentage of sales made to first-time buyers grew in September, accounting for 23% of sales, up from 18% in August.

The number of sales made by agents was stable for a seventh consecutive month, with branches selling an average seven properties in September.

The number of house hunters entering the market decreased slightly from an average per branch of 288 in August to 275 in September.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
House prices down, mortgage approvals up

Average UK property prices fell by 0.7% in October,according to Halifax