Seasonal slowdown for UK housing market in June

There were very few surprises in the UK’s residential property market activity for June, repeating historic trends of previous years with a monthly seasonal slowdown according to the latest figures from the Agency Express Property Activity Index. Month-on-month data for June 2012 reported that UK-wide residential property sales decreased by -6.3%, whilst new ‘for sale’ listings also decreased month-on-month by -4.4% compared to May. However, there was some good news from the Index through the comparison of activity from Q2 v Q1 2012 which reassuringly shows a +16.9% increase in the number of new ‘for sale’ listings reported and a +21.2% increase in the number of properties ‘sold’.

Of the 12 UK regions covered within the Index, three bucked the seasonal trend and saw month-on-month increases in new ‘for sale’ listings during June, these were London – up by 17.1%, Wales – up 5.4% and the South East – up by 4.9%. Most regions reported an expected seasonal decline but some worse than expected, these were the North East – down by 30.3%, Scotland – down by 14.2%, Yorkshire – down by 12.0% and the North West – down by 8.6%

For properties ‘sold’, four regions reported positive month-on-month increases for June, Yorkshire – up 10.1%, the South East – up 5.1%, the North East – up 3.0% and the South West – up 2.9%. At the bottom of the regional table for the number of properties ‘sold’ in June 2012 compared to May 2012 were the West Midlands – down by 25.4%, Wales – down by 23.3%, Central – down by 14.9% and the North West – down by 12.5%.

There were some very positive results for June 2012 from several of the 22 individual towns and cities covered by the Index. The nation’s hot-spots for new ‘for sale’ listings were Leicester – up 133.9%, Cardiff – up 45.8%, Brighton – up 29.7% and London with an increase of 17.1%. When it came to positive results for properties ‘sold’ the UK’s hot-spots were Exeter – up by 32.4%, Leeds – up 17.0%, Bristol – up 12.8%, Glasgow – up 11.7% and Nottingham with an increase of 11.3%.

Commenting on the latest Index results, Stephen Watson, Managing Director, Agency Express, said: “June has been an interesting month for the UK property market. Predominantly the figures do follow the seasonal month-on-month trend for June established since our Index began 2007, but it does also show some real geographic variances between countries, regions and cities. London is frequently talked about as a barometer for the UK housing market and in June it was one of the hot-spots with some positive figures. Year on year figures for June 2012 against June 2011 are also very encouraging with positive growth. Looking ahead at the next few months I do have some specific concerns that potentially could impact on the market; the growing euro-zone crisis and is undoubtedly having an impact on consumer confidence; the Olympics promises to be a sporting feast but could postpone activity until early September; the slump in mortgage lending figures to first-time buyers since the end of the stamp duty concession could well restrict the bottom-end stimulus that is badly needed."

Monthly % Changes for June 2012

% Changes for Apr - June 2012

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
Jun 12Jun 11Jun 12Jun 11
NATIONAL-4.4-9.5-6.3-4.7
Central England-7.9-12.1-14.9-8.5
East Anglia-1.5-7.8-8.1-5.3
East Midlands-7.5-15.100
London17.13.3-3.4-16
North East-30.3-24.63-4.3
North West-8.6-11.8-12.526.1
Scotland-14.23.9-3.417.7
South East4.9-14.75.1-18.8
South West-0.3-16.52.9-14.9
Wales5.4-9.1-23.38.4
West Midlands-7-7.1-25.42.6
Yorks & Humber-12-19.310.1-15
New ListingsProperties Sold
Apr -
Jul 12
Apr -
Jun 11
Apr -
Jun 12
Apr -
Jun 11
NATIONAL-0.3-3.1-0.5-3.9
Central England3.4-3.1-1.7-3.5
East Anglia-0.82.4-0.6-1.7
East Midlands-5.7-5.7-0.7-0.7
London1.9-4.42.4-8.7
North East-16.8-8-20.9-0.3
North West-2.7-6.8-4.9-5.8
Scotland2.80.4-3.2-2.2
South East4.2-8.98.8-6.9
South West4.1-57.1-5.1
Wales0.7-1.96.16.7
West Midlands0.5-2.71.12.6
Yorks & Humber-9-6.9-8.2-10.3
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