Four house hunters for every property

Estate agents are registering four house hunters to every available property as demand is outstripping supply across the UK housing market.

The latest monthly survey from the National Association of Estate Agents (NAEA) shows that estate agents reported a successful selling period for the second month running.

The average branch sold 10 properties, a 30% increase on the same time last year and double the amount sold on average in August 2008.

The average branch had 299 house hunters on its books in May, up from 265 in April and 247 in May 2008.

Gary Smith, president of the NAEA, says: "This is really good news for the housing market and the UK economy in general. NAEA members are showing that there are buyers a-plenty out there.

"More often than not these are also potential sellers who are at the beginning of the process - so there is bound to be a lag which creates a shortage of properties in the short term."

He adds: "With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession."

stephen.quigley@incisivemedia.com