August proves not such a wicked month for property market


Published : 7th September 2016

News

The property market had a record August for sales, it has been claimed.

Data from Agency Express, based on its For Sale and Sold boards that go up, suggest the traditionally quiet August month may have bucked the trend, even despite the Brexit vote.

The figures claim a 2.8% increase in properties sold, a record best for the month and a turnaround from July when the figure was down 8.8% on the previous month.

While figures for new listings, based on For Sale boards, dropped 4.4%, this is not as steep a fall as August 2015 when there was a monthly decline of 7.5%, Agency Express says.

On a quarterly basis, the second quarter saw a 12.9% increase in new listings and a 1.1% fall in properties sold. In comparison in the first quarter of 2016 Agency Express claims new listings were up 19.2% and sales grew 20.7%.

Eight of the 12 regions recorded by Agency Express’s Property Activity Index reported increases in properties Sold during August, led by a 15.7% boost in the north-east and 15.2% in Scotland.

Only Scotland and the east midlands recorded rises in new listings, up 11% and 0.7% respectively.

The largest declines recorded were in London – down 16.7% for new listings and a 4.6% drop for properties sold.

Stephen Watson, managing director of Agency Express, said: “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.”

Source:- http://www.propertyindustryeye.com/august-proves-not-wicked-month-property-market/