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First-Time Buyers Impact Vendors

July 23rd 2020
By: Thomas Morris
First-Time Buyers Impact Vendors

As a vendor, you should focus on your needs and goals when selling your home. However, you will also find there is a lot to be said for knowing what buyers face, and what they want. If you can tailor your property to the needs and expectations of buyers, you enhance the chances of selling your home.

“At Thomas Morris, we aim to keep you fully updated with what is happening in the market”, said Thomas Morris Royston Branch Robert Arnold. “We also want to ensure you make an informed decision in the housing market, so if you want to sell with confidence, please get in touch.”

NAEA Propertymark figures offer insight into house hunters looking for homes

There has been a lot of information and statistics issued in the housing market since it re-opened after lockdown, but some bodies and organisations are more highly regarded than others. When NAEA Propertymark issues information, people listen. This is because it provides realistic information from estate agents across the country.

Some of the leading statistics revealed by the organisation include:

  • The number of house hunters registered per NAEA branch member increased by 7% between February and May
  • The number of house hunters registered per NAEA branch member rose from 322 pre-lockdown to 344 post-lockdown
  • In May, 70% of properties sold at a price that was lower than the initial asking price
  • The average number of properties available, per branch as of May 2020, was 35
  • This figure is a fall from the figure of 41 per branch recorded in May 2019
  • The supply of homes, based on year-on-year, figures fell by 15% between March 2019 and March 2020
  • Sales to first-time buyers in May stood at 32%, increasing from the 22% sales to first-time buyers in February

Mark Hayward is the Chief Executive of NAEA Propertymark, and he said; “It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols and the demand for viewings soaring, we are set for an exciting summer.”

More support for first-time buyers?

There have been calls from MPs for more to be done to support first-time buyers looking to step onto the property ladder. Warrington North MP Charlotte Nichols said; “The Government must be proactive in ensuring that the banks assist first time buyers rather than wealthy landlords to access homes on the market. Too many young people are losing life opportunities to the Covid-19 pandemic, and this must not be another instance of that. I have written to the Secretary of State for Housing to ask what measures will be taken to support first time buyers.”

If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here  or alternatively or you can phone our Royston branch on 01763 243331.