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Slowdown in the Property Market Normal for This Time of Year
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The slowdown in the property market recorded over July is normal for this time of year, according to the latest Property Activity Index from Agency Express.
The recent property market report from the firm found that both new listings and the number of properties sold dropped in July.
Nationally, the number of new property listings fell by 15.3%, while the amount of properties sold was down by 8.8%.
Slowdown in the Property Market Normal for This Time of Year
However, over the past three months, the decline has been less severe, with new listings down by 3.2% and properties sold down by 3.8%.
Looking back over the Property Activity Index’s historical data, a slowdown in the property market in July is not uncommon. As the summer holiday months commence, a seasonal cooling in the market is expected, and this year’s figures appear consistent with those recorded between 2013-15.
Across the country, just four of the 12 regions included in the Property Activity Index bucked the seasonal trend.
The best performing region in July was the West Midlands, which saw a record best rise in new property listings for July, of 5.6%.
The strongest regions for new listings in July included:
- West Midlands: +5.6%
- East Midlands: +3.1%
- North West: -0.5%
- Wales: -1.9%
In terms of the number of properties sold, the best performing regions were:
- Wales: +3.2%
- North West: +0.2%
- South East: -3.7%
- South West: -3.8%
The greatest declines seen in July’s Property Activity Index were in London. New listings in the capital fell by a huge 49.9%, while the amount of properties sold was down by 19.9%.
With buyers and sellers in London remaining cautious over the effects of Brexit, the rental sector in prime central spots has experienced a boost: /rent-prices-prime-central-london-following-brexit/
The Managing Director of Agency Express, Stephen Watson, says: “Throughout July and August, we traditionally see a decline in the UK property market. This month, the vote to leave the EU did bring an air of uncertainty, but as it stands, figures have remained true to trend.
“However, with the Brexit effect yet to emerge, it will be interesting to see if September’s figures return with the same vigour.”
Check back to Landlord News for the latest property market updates and insight.
