Housing demand hits 11-year high

Housing demand hits 11-year high

The number of people searching for a new home to buy is at its highest level for more than a decade, surpassing even the levels of demand that were seen before the economic problems of 2008 hit the market hard. 

According to the latest report released this week by the National Association of Estate Agents (NAEA), there are now 439 people registered with estate agents as buyers per branch on average as of the end of June 2015. 

This, it said, was the highest figure evidenced in any single month since 2004, pushing the market to an 11-year high and promoting the fact that there is a real belief among buyers that now is the time to get onto the housing ladder in the UK. 

The association also said that the number of buyers has seen a significant rise in the space of just one month, climbing by 15 per cent from the 383 buyers per branch that was in evidence as of the end of May. 

"What we’re seeing is a market that lulled over the general election period, coming back to life in full force," said Mark Hayward, managing director of the NAEA. 

"Buyers are feeling more confident and those who put their plans on hold over the election and political aftermath have kicked off their hunt, causing this massive jump in demand. There’s also an impetus to buy right now in light of the impending interest rate rise as buyers fight to buy and fix mortgage rates."

The organisation also went on to say that even though there has been a slight slip in the level of homes coming to market at the moment, it is encouraging to see that this has had no real significant detriment on the overall activity in property.