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The latest housing market report from NAEA Propertymark has shown that the property market is still moving, despite uncertainty surrounding Brexit.
The December housing market report showed that the supply of properties available to buy increased by around 20 per cent to the highest level seen for the month of December since 2014.
The number of prospective purchasers in the housing market registered per estate agent branch also increased, up by 8 per cent to 304 from 282 in November. The year-on-year increase was even higher at 13 per cent, from the 268 recorded in December 2017.
The number of property sales agreed per estate agent branch in the housing market report continued a downward trend from nine in September, eight in October, seven in November and five in December. However, this was in line with seasonal trends as it is the lowest this figure has been since last December, when it was also five.
First-time buyers were active in the housing market during December, with the number of properties sold to first-time buyers increasing marginally from 23 per cent in November to 24 per cent last month. However, year-on-year the number of sales made to first-time buyers is down from a share of 32 per cent in December 2017.
Chief Executive of NAEA Propertymark, Mark Hayward, said: ‘This month’s findings prove that despite the current political climate, people still want to move. There is movement in the market with demand from house hunters up 13 per cent year-on-year, and the supply of available properties also rising. Although the number of sales agreed hit a 12-month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell.’
He continued: ‘While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes.’