October’s property market slows
Month-on-month data recorded by the Property Activity Index reports the usual seasonal slump in the UK property market for October. The number of UK wide residential properties achieving ‘Sold’ status dropped sitting at -4% from last month figure as did new listings ‘For Sale’ at 15.7%.
Interestingly, although the UK property market has remained robust throughout 2013, month on month data recorded by the Property Activity Index data shows October 2012 reported a higher number of properties achieving a ‘Sold’ status, recording only a 0.7% drop.
Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: In the face of a strong September and the industries excitement in the early announcement of the ‘Help to Buy’ scheme, it is easy to forget that seasonal slowdown is normal. It is important to remember that property market now has confident consumers wanting to invest and the banks are ready to facilitate. Although we now might see a winter lull I am optimistic that the previous month’s robust activity will resume.
To read the Agency Express Property Activity Index report in full please click here.