The supply of properties available to buy in the UK increased in July, while demand from buyers fell, according to estate agents.
However, first time buyers were able to take advantage of the trend with the number of sales made to the group rising to an eight month high, according to the latest monthly analysis report from the National Association of Estate Agents (NAEA).
In July, the number of properties available per estate agent branch increased for the third month in a row, rising from an average of 33 per branch in April, to 37 in May, 39 in June and 41 the previous month.
The report points out that year on year this is a 17% increase, as agents had just 35 properties available to market in July 2017.
Overall, the number of house hunters registered at estate agents fell for the second month running with 303 registered per branch in July, the lowest recorded since December 2017 when agents had 268 on their books.
But the NAEA pointed out that this is typical of July, as house hunters put their plans on hold while summer holiday season takes priority. For the last three years, demand has dipped in July compared to June.
Some 30% of all sales were to first time buyers in July, an increase of 1% from June and up 7% from July 2017 when just 23% of sales were made to the group.