2017: NAEA and ARLA Overview
The end of the year is the right time to look back and appraise what has been happening in the property sales and letting market. At Liberty Gate, we are pleased to say that we are ARLA agents, which is why their sales and letting overview is of interest.
Demand for property was highest in January and February but over the course of the year, demand for property has been higher than in 2016. With respect to branches, there has been an average of 380 prospective buyers registered per branch, which is an increase on the 365 per branch in 2016.
First time buyer figures fell in 2017
One issue of note from the overview is that the proportion of sales made to first time buyers has fallen. This proportion of the market is 25% and it is the lowest since 2013. It remains to be seen whether the abolition of stamp duty for first time buyers will change this figure in the year ahead.
Properties are selling for less than the initial asking price
Another issue can be seen with the fact that properties sold for less than the asking price 77% of the time. In contrast, only 4% of property was sold for a price higher than the initial asking price. This is certainly something that is worth considering and is likely to influence many decisions in the property market in 2018.
While it is important to look back and be aware of what is happening in the property market, it is important to use this information in the right manner. At Liberty Gate, we are on hand to provide you with support and guidance in the property market in 2018, so if you’re looking to make a move, please get in touch by calling 0115 824 8333.