“A Long Time Ago … In a Galaxy Far, Far Away…”

Published : 31st March 2020


It seems an eternity ago but the housing market in February - that’s only last month - was in rude health according to data just released by the National Association of Estate Agents.

Painting a picture that is far removed from today, just a few weeks later, the NAEA says that the number of sales agreed per branch increased from eight in January to nine in February – the highest figure recorded since last August.

The proportion of sales made to first-time buyers fell from 29 per cent in January to 22 per cent in February

Meanwhile the number of house hunters registered per estate agent branch fell by 17 per cent in February, from 382 to 322.

In terms of supply, the number of properties available per member branch rose marginally from 38 in January, to 39 in February.

In February, 70 per cent of properties sold for less than the original asking price - the lowest figure since May 2016 when 69 per cent of properties sold of less than the asking price.

And in other figures which are simultaneously very recent and very outdated, mortgage approvals for house purchase rose to 73,500 in February, the highest figure seen since January 2014.

The Bank of England’s latest Money and Credit statistics, released yesterday, shows that approvals for remortgage also rose on the month to 53,400.

Source:- https://www.estateagenttoday.co.uk/breaking-news/2020/3/a-long-time-ago--in-a-galaxy-far-far-away