July Property Market Update
The latest property figures were announced earlier this week, and the initial sentiment seems to be one of reassurance. In the two weeks post referendum, the amount of new properties coming to the market has increased by 6%. Property across the UK is following the traditional July trend with a seasonal slowdown in the rate of price growth, and buyer enquiries are at equivalent levels to that of 2014.
Sellers have been seemingly undeterred in July as Rightmove reported an increase of 6% in the amount of new properties coming on to the market in the two weeks that followed the referendum. With supply remaining scarce, some buyers are going ahead with purchases as long as it is for the right price.
There was a marginal decrease in asking prices of 0.9% in July across the UK, down £2,647 from June. It is worth noting that every year since 2010 July has recorded average price falls of 0.4%. A slower period of growth during the summer months is expected with or without the fallout from Brexit.
In the North-West, there was also a slight decrease in property values of 0.5%, a decrease of £920. However, prices are still up 3.6% from July 2015.
Buyer demand this month is down by 16% compared to the same period in 2015. Having said that, last year’s figures were bolstered by a surge in demand after an unexpected general election result. In 2015 there was a 25% increase in buyer enquiries for June and July in comparison to the same two month period in 2014. According to the property portal Rightmove, enquiries are at the same level now in July 2016 as they were in 2014.
City Centre Branch Manager Ripon Abdul commented, “There has been a lot of talk recently about Brexit and the effect it is going to have on the property market. Over the last month or so we have not seen a significant change, and following the decision to leave normal service has continued. The amount of sales agreed, contract exchanges and new instructions are all at similar levels to the last few months.”
If you would like more information on the property market or to find our how much your property is worth, contact our team or for a call back, complete our online request.