The property market saw a pick-up in sales in August, according to the latest Property Activity Index from Agency Express.
Property Market Sees Pick-Up in Sales in August, Reports Agency Express
Following an early seasonal slowdown in June, the number of properties sold across the country has climbed by 1.5%. In contrast, the amount of new listings for sale has remained down, by 2.3%. However, the decreases recorded in 2017 are less than those seen in 2016 and 2015.
August’s Property Activity Index also appears in line with recent market commentary from the Council of Mortgage Lenders, which said: “The property market has been steady, with approvals and transactions both in line with their 12-month averages.”
Looking at property market performance across the UK, five of the 12 regions included in the Property Activity Index saw growth in both new listings and the number of properties sold.
August’s most prominent performing region was the West Midlands, where the number of properties sold rose by a record best 11.3% on a monthly basis, while new listings were up by a robust 4.0%.
Of the remaining regions, buoyant figures were also seen in the following locations:
New listings
- Yorkshire and the Humber: +3.0%
- Central England: +3.7%
- Scotland: +1.1%
- Wales: +0.9%
Properties sold
- Scotland: +7.6%
- North West: +7.1%
- Yorkshire and the Humber: +6.6%
- Central England: +0.2%
The greatest decline in August was recorded in London. The number of newly listed properties fell for a second consecutive month, by 15.7%. While this decrease looks significant, it is not unusual for the month, and the index does show that overall activity has increased annually.
Stephen Watson, the Managing Director of Agency Express, comments: “This month, the UK property market has seen some seasonal decline, which is not expected. Overall, we are still witnessing year-on-year growth, although the pace of the property market has felt slow this summer.”