Possible Olympic effect on August’s property market
With the nations focus firmly on the Olympics, Augusts property market has with no surprise shown a downturn in activity for both new and sold listings.
However, looking at activity across the UK all 12 UK regions covered within the Index did show more resilience than expected. East Anglia was down by 20.1%, the East Midlands – down 21.3%, the South East – down 21.6% and the North East – down by 23.1%.
For properties ‘sold’, all regions again showed month-on-month decreases for August with the hardest-hit regions being Central England– down by 16.7%, the North East – down 17.2%, South West – down 20.7% and Wales – down by 21.1%.
Stephen Watson, Managing Director, Agency Express, commented on the latest Index results saying: The unusual seasonal upturn in July property activity certainly proved a hard act to follow in August – a month that’s normally subdued as everyone gets into holiday mode. In addition to this, events such as the Olympic Games can have an effect on the market, but the special circumstances of the London hosting, wall-to-wall media coverage and massive viewing audiences perhaps kept even more of us focusing on the winning of medals rather than trying to buy and sell houses.
To read the latest Property Activity Index report in full please click here.