Some Summer Sunshine for the UK Property Market?

12/07/2019
Some Summer Sunshine for the UK Property Market?

Even though we are now moving into one of the quieter periods of the year, there have been some interesting developments in the sales market.

The latest data from NAEA Propertymark (National Association of Estate Agents) suggests the market may be shrugging off Brexit worries and is bouncing back.

According to their figures, the number of buyers registering with their member agents rose by 16% in May, reaching an 8 month high. The average per branch is now 307, up from 265 the previous month. At the same time housing stock levels also increased to their highest level since 2018, hitting an average of 41 properties per branch in May – a jump of just over 17% when compared to April’s 35/branch.

The NAEA claim this uptick in activity is almost entirely down to people becoming fed up with the uncertainty of Brexit and wanting to get on with their lives.

Mark Hayward, chief executive of NAEA Propertymark, says,

“It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year.

“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.”

Sales figures provide further evidence of this new trend, with the average number of sales increasing from 8/branch/month to 9, the highest level since September last year.

Clearly the market is still susceptible to any bad news coming out of the Brexit process, but equally, when there’s a new Prime Minister in place, there may be cause for some more optimism too.

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