Demand is exceeding supply across the housing market, with estate agents registering five house hunters to every available property, according to the National Association of Estate Agents(NAEA).
The monthly market survey found the average branch had 287 house hunters on its books in October, down slightly from 294 the previous month. It also revealed the supply of properties across branches also fell. The average branch had 57 properties on its books in October, down from 62 in September. This increased demand is pushing house prices up but did not translate into a rise in sales which fell from nine per branch in September to eight in October. Interestingly, a significant percentage of these sales were made by first time buyers (22%) - more than double the number this time...
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