Pace of Property Market Growth Slowed in February

The pace of property market growth across the UK slowed in February, according to the latest Property Activity Index from Agency Express.

Nationally, the number of new property listings rose by 10.2%, while the amount of properties sold was up by 26.2%.

Agency Express points out that figures for February are always affected by January’s post-Christmas spike. However, data from last year shows that the supply of new listings was higher, at 23.3%, while the number of properties sold increased by 37.6%.

Assessing the performance of the property market across the UK’s 12 regions, the Property Activity Index shows that 11 areas recorded growth in new listings and all 12 regions saw increases in the number of properties sold.

February’s top performer was the North West. New listings rose by 38.8%, while the amount of properties sold was up by 35%.

Other regional hotspots include:

Properties sold 

• Wales: +45.9%
• West Midlands: +37.7%
• Scotland: +35%

New listings

• Scotland: +25.9%
• Wales: +14.8%
• London: +10.8%

The pace of property market growth was lowest in the North East. The number of new listings increased by just 0.8% and the amount of properties sold was up by only 0.4%. Looking at the index’s rolling three-monthly data, properties coming onto the market are robust, up by 9.8%, while the amount of properties sold has declined, by 0.7%.

The only decrease in February’s index was recorded in East Anglia. The number of new listings for sale dropped by 5%, marking the region’s largest drop for February since the index’s records began in 2012.

The Managing Director of Agency Express, Stephen Watson, comments: “We traditionally see an adjustment in figures during February, and the latest data from the Property Activity Index has shown a slower moving market compared to 12 months previous.

“However, during the first four months of 2016, figures were stimulated by the Stamp Duty changes, so we may not see a clearer yearly comparison until the summer.”