It’s been a typically slow summer for the UK property market, according to July’s Property Activity Index from Agency Express.
It’s been a Slow Summer for the Property Market, Reports Agency Express
The figures show that the property market has sprung no surprises this summer, as the index reveals a slowdown in activity during July.
On a monthly basis, the number of new property listings for sale dropped by 16.6%, while the amount of properties sold fell for the second consecutive month, by 5.9%.
However, looking back over the index’s historical records, a drop in July was anticipated. Annual comparisons show that the declines seen this year are lower than those recorded 12 months ago.
Figures seen over a three-month rolling period are also performing favourably, again exceeding those recorded in 2016.
Across the country, just three of the 12 regions included in the Agency Express index bucked the seasonal trend. This month’s top performing region was the North East. Following three months of decreases, new property listings rose by 3.1%, while the number of properties sold was up by a record best 10.7%.
Other prominent performers included:
New property listings
- East Midlands: +4.4%
- North East: +3.1%
- Scotland: +2.5%
Properties sold
- North East: +10.7%
- South West: +4.4%
- Wales: +0.4%
The greatest declines recorded in July’s index were in London. New property listings dropped by a huge 46.1%, while the amount of properties sold was down by 8.7%. Again, looking back at Agency Express’ historical data, this year’s figures are better than those recorded in previous years.
Stephen Watson, the Managing Director of Agency Express, comments on the latest data: “Throughout the summer holiday months, seasonal adjustments are anticipated, so we are not surprised by July’s figures and expect similar trends in August.
“This aside, the UK property market seems to have plateaued along with lending, so the usual September bounce-back may not be as robust.”
For the latest Agency Express index for the lettings market, click here: /rental-market-activity-cooled-june/