August's property market bounces back

The UK property market shows vigour as the latest figures revealed by the Agency Express ‘Property Activity Index’,  highlights national growth in August with properties ‘Sold’ rising by +1.90% .   Seasonal trends historically show slower activity throughout August. However figures from the Bank of England show mortgage approvals to be 7.5% higher than those in May, where we saw a substantial slowdown and three month lows.   The steadier flows of mortgage approvals appear to be positively impacting the market, although it has also been reported that sellers are becoming more realistic about the prices they can achieve thus attracting buyers back to the market.

 Looking at performance across the rest of the UK, seven of the twelve regions recorded by the Property Activity Index showed increases in properties ‘Sold’.  Prominent performer the East Midlands recorded their best figures for August for both properties ‘Sold’ up by +20.20% and new listings ‘For sale’ up by +16.50%,  since the Property Activity Index’s first records in 2007. Wales also recorded record best increases of +13.90% for properties ‘Sold’ and +13.70% in new listings ‘For Sale’.  Other notable regions to make increases in properties ‘Sold’ were also made by London up by +15.40% and East Anglia up by +6.60%.

The largest decline made for properties ‘Sold’ in this month’s Property Activity Index was recorded by the North East. After four month lows from March to June, the region made a subnational rise in July of +21.2% only to fall again in August by -22.2%.  Figures for new listings ‘For Sale’ have also declined by -1.4%, falling for a second consecutive month.

 Agency Express Comments

Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: 

A seasonal slowdown is usually anticipated in August and although we have seen some regional declines overall the Property Activity Indexes figures remain robust.  As the summer holidays have now come to an end and normal routines begin  to resume, I am optimistic that the upward trends and reports we’ve been seeing will resume and the rest of the year will continue to show growth.

 

Monthly % Changes for August 2014

% Changes for Jun - August 2014

New Listings
% Change over last 12 months vs Previous 12 months

Properties Sold
% Change over last 12 months vs Previous 12 months

New ListingsProperties Sold
Aug 14Aug 13Aug 14Aug 13
NATIONAL-0.6-7.71.91.6
Central England-1.2-10.770.4
East Anglia-2.4-126.63.8
East Midlands16.5-3.920.24.3
London-8-25.215.4-9.8
North East-1.43.4-22.26.2
North West1.2-6.3-88.1
Scotland-3.2-7.92.79.8
South East-7.13.4-4.33
South West-1.812.62.4
Wales13.9-9.213.72.2
West Midlands11.8-6.6-11.9-4.6
Yorks & Humber-5.3-6.2-8.22.8
New ListingsProperties Sold
Jun -
Dec 14
Jun -
Aug 13
Jun -
Aug 14
Jun -
Aug 13
NATIONAL-1.4-2.4-1.86.2
Central England1.8-5.725.4
East Anglia-0.5-3.9-2.27.1
East Midlands-1.9-1.90.11.6
London-1.9-5.12.59.1
North East2.1-3.2-8.74.1
North West-3.8-1.9-3.60.6
Scotland-8.4-3.9-4.1-3.1
South East-1.62.5-2.115.1
South West-2.20.6-3.47.8
Wales11.4-1.55.110.9
West Midlands2.8-1.6-4.92.9
Yorks & Humber-3.1-1.9-4.36
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