4:1 ratio of house hunters to properties

In a turnaround to the much reported drop in demand for property, National Association of Estate Agents (NAEA) has revealed that demand is now outstripping supply across the UK housing market, with estate agents registering four house hunters to every available property.

The NAEA’s monthly market survey found that the average estate agency had 299 house hunters and 69 properties on its books in May. This house hunting figure is up from 265 in April 2009 and 247 in May 2008.

Sales figures were also positive, with a second successive month of growth reported among estate agents. The average branch sold 10 properties, a 30% increase on the same time last year and double that sold on average in August 2008.

Gary Smith, President of the NAEA, said:

“This is really good news for the housing market and the UK economy in general. NAEA members are showing that there are buyers a-plenty out there. More often than not these are also potential sellers who are at the beginning of the process – so there is bound to be a lag which creates a shortage of properties in the short term. With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession.”

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