The latest data released by the National Association of Estate Agents has revealed that prior to the coronavirus outbreak being declared a pandemic, the number of sales agreed per branch increased to nine – the highest figure since August 2019.
Year-on-year, this number has increased, rising from eight sales agreed per branch in February 2018, and seven sales in February 2019.
Sales to FTBs
The number of sales made to first-time buyers (FTBs) fell from 29% in January to 22% in February. Year-on-year, the number of sales to the group has fallen from 29% in February 2018 and 30% in February 2019.
According to the figures, the number of house hunters registered per estate agent branch fell by 17% in February, from 382 to 322. NAEA reports that year-on-year, housing demand is up by 28%, rising from 252 house hunters per branch since February 2019. The number of properties available per member branch rose marginally from 38 in January, to 39 in February.
What properties sold for
In February, 70 per cent of properties sold for less than the original asking price. This is the lowest figure since May 2016 when 69 per cent of properties sold of less than the asking price.
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