Following an unexpected spike in activity over August, the property market has seen month-on-month growth in September, yet annual figures are down, according to the latest Property Activity Index from Agency Express.
The number of new property listings for sale rose by 3.5% over the past month, while the amount of properties sold was up by 2.8%.
Although September’s data indicates growth, yearly figures show that a greater level of activity was recorded in September last year, when new property listings increased by 4.5% and properties sold rose by 6.9%.
Property Market Sees Monthly Growth in September, But Annual Figures Fall
On a regional basis, eight of the 12 regions included in the Property Activity Index recorded growth in both the number of properties sold and new property listings.
The areas that experienced the greatest month-on-month increases include:
Properties sold:
- North East: +18.3%
- Central England: +9.0%
- London: +8.5%
- South East: +8.4%
- West Midlands: +8.2%
- East Midlands: +8.2%
Properties for sale
- North East: +38.3%
- London: +19.9%
- South East: +9.1%
- West Midlands: +6.4%
- Central England: +5.6%
September’s top performing region was the North East. The number of properties sold rose for the second consecutive month, while the amount of new property listings recorded a record best increase.
London was close behind, with new listings up by 19.9%. However, Agency Express points out that over a three-month rolling period, the number of properties for sale has dropped by 26.0% in the capital.
The greatest decreases in September’s Property Activity Index were seen in Scotland and Wales. New property listings in Scotland dropped by 3.6%, while the amount of properties sold was down by 5.4% – the largest decline for September since Agency Express began recording the data in 2012.
In Wales, the number of new property listings fell for the fifth consecutive month, by 10.1%, and the amount of properties sold dropped by a record 3.9%. However, with news of increased mortgage lending and a rise in consumer confidence, Agency Express remains positive over the future of the Welsh property market.
The Managing Director of Agency Express, Stephen Watson, comments on the latest figures: “Throughout September, an increase in activity across the UK property market is anticipated. The month-on-month figures for September are robust, but, in contrast to those recorded 12 months previous, we have witnessed less growth.
“As we now move in to the tail end of the year, where further seasonal adjustments are expected, it will be interesting to see how the market performs in comparison.”