The property market may have swung back in favour of sellers during April, NAEA Propertymark claims.
The trade body’s latest Housing Report found demand from prospective buyers increased from 308 to 337 between March and April, while supply was down from 40 to 33 homes per branch over the same period.
This is a departure from March when the number of house-hunters on estate agents’ books fell from 309 to 308, while supply per branch hit a five-month high of 40.
The number of properties available per branch increased from 35 in February to 40 in March – the highest since October last year.
The number of sales to first-time buyers remained the same between March and April at eight per branch, while the percentage of sales to this cohort dipped to 24% from 25% at the same time last year.
Mark Hayward, chief executive of NAEA Propertymark, said: “Last month our findings indicated that we were entering what looked like a buyers’ market, but this month, the dial has swung back in the favour of sellers.
“With demand on the up, and the supply of available homes falling once again, buyers will find themselves facing stiff competition.
“This is particularly difficult for first-time buyers who traditionally have less bargaining power on price, so will struggle to enter bidding wars with second or third steppers.
“The Government is working to improve the house buying and selling process, which is music to our ears, but until more homes are built and supply catches up with demand, the process will remain difficult.”
Source: Property Industry Eye