Five Buyers for Every House on the Market

For every property on the market there are five potential buyers looking to snatch it up, new research has discovered.

A study by the National Association of Estate Agents (NAEA) found estate agents had an average of 287 prospective buyers on their books in October.

The average number of properties available at estate agents was 57.

The high demand has bumped up prices slightly, but has not translated into sales.

House prices increased 1.2% in October, but estate agents sold an average 7.7 properties each during the month, down from 8.5 in September.

Gary Smith, NAEA president, said: “There is strong demand for property and more optimism in the housing market than we have seen for months.

“This is good news for the recovery of the market and for the British economy in general.”

First time buyers accounted for 22% of sales in October, down from 26% in September, but more than double the proportion of first time buyers in October 2008.