NAEA Propertymark has revealed that the average number of sales agreed per estate agent branch stood at five in May, a decrease of 44% compared to February when there were nine sales recorded per branch.
In May, the number of house hunters registered per estate agent branch rose by 7%, increasing from 322 in February to 344 in May.
Year-on-year, housing demand is up by 12%, rising from 307 in May 2019 as prospective buyers resumed their home buying plans.
Meanwhile, the number of properties available per member branch stood at 35 in May. Year-on-year, the supply of housing fell by 15% from 41 per branch in May 2019.
The number of sales made to first-time buyers stood at 32% in May, a rise from 22% recorded in February.
In May, 70% of properties sold for less than the original asking price.
Worryingly, 61% of estate agents have seen an increase in the number of sales falling through since the government imposed a lockdown.
Mark Hayward, chief executive of NAEA Propertymark, said: “It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols, and the demand for viewings soaring, we are set for an exciting summer.
It will be interesting in the coming months to see if the lifestyle changes triggered by the Covid-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”
