The property market was unexpectedly buoyant in August, according to the latest Property Activity Index from Agency Express.
The firm found that August’s sales period was surprisingly robust, given that the summer usually brings a slowdown in the property market.
The number of properties sold bucked the seasonal trend by rising 2.8% over the month, a record best for August. However, the amount of new property listings was affected by the seasonal adjustment, dropping by 4.4%.
Property Market Unexpectedly Buoyant in August, Reports Agency Express
Despite this, Agency Express points out that the declines seen in August this year were much less than in the same month last year, when new listings fell by 7.5%.
Looking at property market activity across the UK, the firm found that the robust trend was felt in many parts of the country. Eight of the 12 regions included in the Property Activity Index recorded growth in the amount of properties sold, while two saw increases in new property listings.
The regions recording the greatest monthly rises include:
- North East: +15.70%
- Scotland: +15.20%
- East Midlands: +13.80%
- South West: +7.20%
- Yorkshire and the Humber: +6.30%
New property listings
- Scotland: +11.00%
- East Midlands: +0.7%
Scotland was the top performing region for the month, reporting robust and record best growth in both new property listing and properties sold.
Agency Express’ figures also appear in line with the latest data from the Council of Mortgage Lenders (CML), which shows that house purchase lending rose by 23% over the month.
The North East also recorded encouraging figures, after four consecutive months of slow activity. The region has now bounced back, recording a strong increase in properties sold, of 15.7%.
The greatest declines recorded in August’s Property Activity Index were in London. For the second consecutive month, new property listings fell by 16.7%, while the number of properties sold was down by 4.6%. Again, the CML has also reported a substantial decrease in home movers throughout the capital.
Commenting on the data, the Managing Director of Agency Express, Stephen Watson, says: “Historically, throughout August a slowdown in the property market is anticipated. However, this month we have witnessed a widespread increase in activity, specifically in properties sold. This month’s regional data shows eight of the 12 regions bucking the seasonal trend; if we look back at the Property Activity Index from August 2015, we can see that all 12 regions recorded declines.
“As we move into September, where a spike in activity is expected, it will be interesting to see if the trend continues and how this reflects in the figures.”
Did you decide to sell or purchase a property in August?