News 2017: NAEA And ARLA Overview
Published by Ben on 8th January, 2018
While starting a New Year with a clean slate encourages people to make changes and be more positive, there is always a need to look backwards. If you don’t pay heed to where you came from, it can be difficult tomove forward, and this is the case in the property market. This is why the 2017 year end reviews from NAEA and ARLA Propertymark provide essential reading for anyone who has an interesting in the rental or buyers’ market in the UK.
According to NAEA Propertymark, the demand for property in the past year peaked in January and February. In these months, there was an average of 425 buyers registered per branch. This may indicate people looking to start the New Year in a positive manner but on the whole, there was an increase in demand for property across the year. In 2016, the average number of registered users per branch came in at 365 and for 2017; the figure was listed at 380.
The start of the year is a busy time in the property market
The supply of property also seemed to peak near the start of the year. In February of last year, there was an average of 44 properties listed for sale per branch. Over the course of the year, there was no change in overall supply of properties, with each branch holding an average of 39 properties.
With respect to agreed sales, the busiest months of the year were listed as February and June. These months saw an average of 11 sales per branch. This is an increase on the highest figure listed in 2016, when March was the month with most sales, an average of 10 sales per branch. Across the whole year, the average sales per branch came in at 9, which is an increase on the average of 8 sales per branch which was achieved in 2016.
Selling below the initial market price may be a concern for some in the UK property market
An issue cited by NAEA Propertymark that will be of concern to many in the industry is the high proportion of homes that were sold for less than the initial asking price. In 2017, 77% of homes were sold for a price lower than the initial asking price. In comparison, only 4% of homes were sold for more than the average asking price. This is definitely something that will be considered by buyers and sellers in 2018, and it may lead to a change in pricing and valuations of homes in the market.
When it comes to the letting market, there was an increase in the average availability of property. In 2016, there was an average of 180 properties available per branch and for the period between January and Octoberof 2017, the average stands at 188 per branch. With respect to the supply of rental properties, the busiest month in 2017 was January. ARLA Propertymarksuggests that an average of 193 properties per branch were on offer at the start of the year.
If the trends behind this movement are repeated in 2018, itwould make sense to get involved sooner rather than later. However, no matter what time of year you want to make a move in the property market, you’ll find that Taylor Robinson is on hand to help you out, so get in touch.