July slowdown for UK housing market

The latest data released by the Agency Express Property Activity Index shows that over the last three months, the number of residential properties achieving a ‘Sold’ status UK wide has decreased by  -2.70%. New listings ‘For Sale’ have also decreased in this time period with the figure dropping by -1.20%.  These figures may be the delayed result of the fall in mortgage approvals throughout May and June, where the British Bankers Association reported four month lows. 

Looking forward to forth coming months, recent statistics from Council of Mortgage Lenders  revealed that gross mortgage lending reached £17.5 billion in June. The CML also estimated a 10% increase in gross mortgage lending over the first three months of this year.  In light of these reports it will be interesting to see if notable increases are recorded for properties ‘Sold’ throughout August.

 Reviewing regional performance, of the eleven regions recorded by the Property Activity Index, four reported increases in new listings ‘For Sale’ over the three month period.  London remained the top performer with an increase of +6.30%, doubling their figure of +3.10% in July 2013. Closely following suit was Wales who recorded an increase of +4.70% again bettering their July 2013 figure of +3.70%.  Further increases were also made by Central England up by +2.40% and The South West up by+1.80%.  

Over the same period only two of the eleven regions recorded by the Property Activity Index reported increases for properties ‘Sold’.  Central England recorded a rise of +5.30% and Wales a marginal increase of +0.10%. The largest declines in this month’s Property Activity Index were recorded for the North West.  In a region where the price of a typical house is below the national average,  properties ‘Sold’  fell by -6.50% a further decline form figures recorded in July 201. New listings ‘For Sale’ also fell by -7.70%.

Agency Express Comments

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

The figures reported by this month’s Property Activity Index have revealed marginal declines across the most of the market.  Nevertheless on a whole the performance of the UK property market this year has been robust and demand for property continues to rise.  As we now enter the summer holiday months where a seasonal slowdown is anticipated I am curious to see if the boost in gross mortgage lending will convert in to actual sales or whether people will hold off until September.

Monthly % Changes for July 2014

% Changes for May - July 2014

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

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

New Listings Properties Sold
Jul 14 Jul 13 Jul 14 Jul 13
NATIONAL -21.2 -13.5 -13.5 8.5
Central England -23.1 -30 8.7 8
East Anglia -16.6 -7 -17.8 2.3
East Midlands -23.8 -16.5 -23.8 -0.6
London -45.4 -30.7 -14 43.5
North East -7.8 -19.7 21.2 -9.3
North West -20.4 -5.7 -18.3 0.5
Scotland -14.4 -5.1 -22.9 -11.5
South East -27.1 -22.6 -6.8 29.3
South West -11.1 -11.5 -14.6 19.7
Wales 3.3 -10.5 5 -9.8
West Midlands -18.1 -8.2 -13.7 -0.5
Yorks & Humber -21.9 -7.9 -20.1 2.4
New Listings Properties Sold
May -
Apr 14
May -
Jul 13
May -
Jul 14
May -
Jul 13
NATIONAL -1.2 -0.4 -2.7 6.6
Central England 2.4 -3.3 5.3 6.2
East Anglia -0.7 -1.2 -5.2 4.6
East Midlands -3.9 2.9 -3 6.3
London 6.3 3.1 -1.5 14.4
North East -0.8 -3.5 -1.3 7.5
North West -7.7 0.2 -6.5 1
Scotland -4 -1.3 -4.4 -3.1
South East -0.5 0.5 -2.2 19.3
South West 1.8 -0.6 -1.4 10.1
Wales 4.7 3.7 0.1 2.6
West Midlands -7.1 -0.9 -1.5 5.1
Yorks & Humber -1.9 -2.2 -2.8 5
Loading...

Creating the report for you to download...

Request a Quote
Close Let us know how
we can help you...

Thank you!

Close Let us know how
we can help you...

Thank you!