June was the rainiest June ever recorded, but estate agents have revealed that house hunters have not let this get in the way.
According to the National Association of Estate Agents (NAEA), June experienced a rise in house hunters. This indicates a surge in growth of prospective buyers compared to June last year.
Interest from buyers was dropping after the end of the Stamp Duty holiday, but the NAEA has found that the “serious house hunter” has returned to the market.
Many were searching in June, hoping to secure a purchase before the summer holidays.
However, despite this increase in interest, house sales remained steady, making June the fourth consecutive month of level sales.
There was a slight rise, of 2%, in first time buyers over the month. However, annual figures are still down.
In June, first time purchases accounted for 17% of total sales, down on last year’s 21%.
President of the NAEA, Mark Hayward, comments on the findings: “After the bad news for first time buyer levels last month, it is pleasing to see that the market is showing some signs of resilience in the face of challenging conditions and we should welcome signs of the return of the serious house hunter.
“Although year-on-year data is less encouraging, it should be tempered with the fact that the UK is now in the grip of a deeper recession than previously predicted.
“It remains to be seen how wider economic developments, such as the recent shrinking of the UK’s GDP in Q2, will affect supply and demand levels, however, NAEA agents are already predicting a slowdown in activity.”