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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 May - 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 Listings Properties Sold
Jun 12 Jun 11 Jun 12 Jun 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 -15.1 0 0
London 17.1 3.3 -3.4 -16
North East -30.3 -24.6 3 -4.3
North West -8.6 -11.8 -12.5 26.1
Scotland -14.2 3.9 -3.4 17.7
South East 4.9 -14.7 5.1 -18.8
South West -0.3 -16.5 2.9 -14.9
Wales 5.4 -9.1 -23.3 8.4
West Midlands -7 -7.1 -25.4 2.6
Yorks & Humber -12 -19.3 10.1 -15
New Listings Properties Sold
May -
Mar 12
May -
Jun 11
May -
Jun 12
May -
Jun 11
NATIONAL -0.3 -3.1 -0.5 -3.9
Central England 3.4 -3.1 -1.7 -3.5
East Anglia -0.8 2.4 -0.6 -1.7
East Midlands -5.7 -5.7 -0.7 -0.7
London 1.9 -4.4 2.4 -8.7
North East -16.8 -8 -20.9 -0.3
North West -2.7 -6.8 -4.9 -5.8
Scotland 2.8 0.4 -3.2 -2.2
South East 4.2 -8.9 8.8 -6.9
South West 4.1 -5 7.1 -5.1
Wales 0.7 -1.9 6.1 6.7
West Midlands 0.5 -2.7 1.1 2.6
Yorks & Humber -9 -6.9 -8.2 -10.3
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