The Property Market has Slowed Down for the Summer, Reports Agency Express

The latest Property Activity Index from Agency Express, covering the month of July, remains true to trend, finding that the property market has slowed down for the summer.

As the summer holidays commence, a seasonal adjustment in the property market is anticipated, and this year’s figures appear consistent with trends recorded in previous years.

Nationally, the number of new listings on the sales market dropped by 17.6% from June, while the amount of properties sold was down by 9.1%.

Across the country, just two out of 12 regions bucked the seasonal trend.

The top performing region of July was the East Midlands, which saw an 8.9% rise in the number of new listings, while the amount of properties sold was up by a robust 11.6%.

East Anglia followed suit, with the number of properties sold up by 0.5%. However, on an annual basis, this figure is down.

Other regions to mark more positive growth were:

New listings 

• North West: -1.3%
• Wales: -2.8%
• West Midlands: -3.3%

Properties sold

• North West: -1.3%
• Wales: -2.4%
• West Midlands: -6.3%

The largest declines were recorded across the south. New listings for sale in London were down by a huge 46.1%, while the South East marked a drop of 28.9%. Again, historical data suggests that this drop is not unusual for these regions at this time of year.

Stephen Watson, the Managing Director of Agency Express, comments on the slowdown: “This month’s data came as no surprise; we have now entered the summer holiday months and seasonal adjustments are expected. While this month’s declines seem significant, year-on-year activity remains buoyant.”

As a landlord, has your buying activity slowed down for the summer months? At the same time, have you also witnessed a decline in tenants looking for new properties? We would be interested to hear your side of the story!