The number of property sales per estate agent has remained high for the third consecutive month, despite a shortage of supply, say the National Association of Estate Agents.
The National Association of Estate Agents (NAEA) have released their housing market report for June 2009.
Their findings show that the number of sales agreed per estate agent has remained high for a third consecutive month, with an average of 9.5 sales per agent reported in June – double the amount sold during the worst of the market downturn in August 2008.
This is despite a shortage of supply. The average number of properties available for sale decreased from 69 in May to 64 in June. This resulted in fewer people searching for a new home – the number of house hunters registered with estate agents decreased from 299 in May to 290 in June.
Agents also reported that buyers are increasingly prepared to pay what a seller asks for a property. The difference between asking and selling prices shrank to just 1.9 per cent – down from a 6.3 per cent difference in May.
NAEA President, Gary Smith, said: "The housing market is in a far stronger position than it was 12 months ago. After several months of continuous improvement the market stabilised in June, ahead of an expected seasonal dip throughout the summer.
He added: "It is in the interests of the UK as a whole that the upturn in the housing market that has been noted in the first half of 2009 is sustained and nurtured into a full recovery. The Government must do more to ensure that money that has been given to banks finds its way through the system and into the housing market."