8 INDUSTRY NEWS
11 buyers chasing every property
An increase in house hunters and a decrease in properties has led to an average of 11 buyers chasing every property in the UK, according the NAEA Property Mark’s (National Association of Estate Agents) January Housing report. The report revealed that the average
number of prospective buyers registered per member branch in January was 425, a 10 per cent rise from December 2016, when estate agents registered 386 on average. Figures showed that the number of
properties available to buy on estate agents’ books in January was 38, a decrease from December, when 41 properties were available. More than one in every 20 properties
Industry makes a strong start to 2017
The construction industry has started 2017 strongly, according to research from Barbour ABI. Figures showed an increase in activity levels as the value of new building contracts awarded in January reached £6bn, spearheaded by strong numbers from the housebuilding sector. The latest edition of the Economic &
Construction Market Review from Barbour ABI claimed that housing figures increased sharply across January, with construction contract value reaching £2.7bn, a substan- tial 83 per cent increase compared with January 2016. Private housebuilding dominated in
January, with 91 per cent of the total construction value compared to just 66 per cent a year ago. Market conditions for private housing were also favourable for housebuilders in 2016, with Crest Nicholson recently reporting a 27 per cent increase in full year profits. Commenting on the figures, Michael
Dall, lead economist at Barbour ABI, said: “While the housebuilding sector is performing admirably, we expect to see its growth continue to flourish across 2017. However, other sectors now need to start producing more auspicious figures, such as the commercial and retail sector, which saw a year-on-year decrease of 40 per cent last month. Infrastructure, another traditionally big performing sector, is also in a slump,
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THESE FIGURES ARE ENCOURAGING, AND WOULD SUGGEST THAT WORK IS MOST CERTAINLY
ON THE WAY Michael Dall, lead economist at Barbour ABI
with January figures being the lowest for 12 months. “On the positive side, the number of
projects awarded in January jumped by 50 per cent compared with December, and 25 per cent when looking at January last year. These figures are encouraging, and would suggest that work is most certainly on the way.” Barbour reported that there are also
£5.8bn worth of housebuilding contracts that are nearing award status, suggesting this month’s growth is likely to continue over the next few months and beyond. London led all regions based on total
construction contract value in January, accounting for 26 per cent. This was helped greatly by the £900m One Nine Elms Twin Towers development, the largest recorded contract award of the month.
(seven per cent) were also seen to have sold for more than the original asking price in January, the highest amount since April 2016, when nine per cent sold for more than the asking price. Mark Hayward, chief executive, NAEA
Propertymark, said: “January saw a surge in buyers looking to kick off the New Year with a new home, but competition is rife,” with an “average of 11 buyers chasing each property.” Mark commented that the increase in the
number of properties selling for the more than the asking price in January “could be a result of heightened interest, and the fact that there is simply not enough housing to meet demand.”
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