Housing market had looked set for a spring surge

The number of homes sold rose again in February to hit their highest level in six months in a further sign that the housing market was picking up before the coronavirus outbreak, new figures show.

The data, gathered by NAEA Propertymark prior to the coronavirus outbreak being declared a pandemic, reveals that the number of sales agreed per branch increased from eight sales in January, to nine in February – the highest figure recorded since August 2019. 

With confidence growing in the housing market growing, more people, including buy-to-let investors, were actively looking to invest in property in February when compared to the same month a year earlier. 

Year-on-year, housing demand is up by 28%, rising from 252 house hunters per branch since February 2019.

The number of properties available per member branch increased slightly from 38 in January, to 39 in February. 

Meanwhile, 70% of properties sold for less than the original asking price. This is the lowest figure since May 2016 when 69% of properties sold of less than the asking price.

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