NAEA Reports Effects of Olympics of Housing Market
The housing market experienced an overall decrease in activity in July, according to the National Association of Estate Agents (NAEA).
The NAEA’s monthly market report found that demand for housing had reduced slightly, and fewer sellers were putting property onto the market.
NAEA agents have attributed this slowdown to the start of the Olympic events in London at the end of the month which proved a distraction for prospective buyers and sellers and compounded the traditionally quiet summer holiday period.
The average agent in July had 293 registered house hunters, down slightly from 294 in June. Supply was also down slightly, with agents reporting an average of 61 properties on their books, compared to 63 in June.
The percentage of sales being made to first time buyers (FTBs) also decreased from 19% to 18%. Despite these decreases, sales remained at an average 7 per branch for the fifth consecutive month.
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