According to NAEA chief executive, Hugh Dunsmore-Hardy, this reflects the increase in applicant enquiries during October combined with strong demand from investors, currently an important factor in strengthening the market.
Seventy-one per cent of respondents said that they had witnessed a significant growth in the purchase of property to let, with interest from this sector of the market up by 15 per cent. A similar proportion reported a 20 per cent increase in demand for residential property as an investment.
Mr Dunsmore-Hardy said: "It appears that many of our members have had a busy month with good levels of business underwritten in November. And, there is no doubt that low interest rates and the poor performance of equities over recent months have encouraged interest in the residential sector as an attractive option for investors."
Eighty-nine per cent of respondents reported house prices up in their area compared with the same time last year, with the average house price 12.4 per cent up on November 2000. The results also showed that the number of first-time buyers – an accepted barometer of the health of the market – had risen to 29 per cent in November from the previous month’s average of 24 per cent.
However, as expected by the industry at this time of year, new applicant enquiries had fallen by an average 16 per cent when contrasted with the previous two months – with a corresponding rise in the number of properties available for sale.
