The UK property market saw a seasonal downturn in September as there was a drop in the number of properties sold during the period, according to Agency Express’ property activity index
The UK property market saw a seasonal downturn in Septemberas the number of properties sold during theperiod declined,according to Agency Express’ property activity index.
Although there was a marginal increase in the number of properties coming onto the period during the month. The index showed that, while new listings for sale increased by0.1%, figures for properties soldwas -2.6%.
However, figures showed greater activity in recent times as new listings reached 18% and properties sold were at 13.8%.
The study analysed activity across 12 regions across the UK and found that six of the 12 regions reported an increase in the number of new listings for sale, while five reported increases in the number of properties sold.
Regionally, East Anglia showed the best results, with figures for new listings for sale at 4.9% and figures for properties sold at 2.2%. It was followed by Central England, where new listings bounced back to 6.2%. However, on year-on-year basis,there was a decline in activity for both regions.
Other areas to see month-on-month increases in the number of properties coming onto the market for sale,included Scotland (3.1%), London (2%), North East(0.9%), Yorkshire and Humberside (0.5%).
Under the category of properties sold, South East (5.5%), Yorkshire and Humberside (5%), Wales (1.4%), London (0.5%).
Meanwhile, the largest month-on-month declines in September were seen in the East Midlands. Falling for a second consecutive month – and for the first time in September since 2014 – figures for properties soldwere at -14.4%. Figures for new listings, however, were more robust at -0.6%, the first fall in figures for the month for three years. A substantial decline was also witnessed in Central England, where figures fell for a fourth consecutive month at -11.5%.
Commenting on the findings, Stephen Watson, managing director of Agency Express, says that moving forwards, based on the seasonal trends there should be a pickup in activity in October then a slowdown towards the Christmas period.
Watson said moving into these months, it will be interesting to see how the year-on-year comparisons fare.