The pre-referendum property market

The latest data from the Agency Express Property Activity Index has revealed growth for the UK property market in June.

Month on month data recorded by the index showed a nationwide increase in both new listing ‘For Sale’ sitting at 10.6% and properties ‘Sold’ at 2%. The increase in figures also appear consistent with recent reports from Dr Rebecca Harding, Chief Economic Advisor at the British Bankers Association, who stated: ‘Mortgage approvals have bounced back following the sharp drop in April, caused by the initial reaction to the stamp duty surcharge.’ The report also went on to reveal a £12bn increase in gross mortgage borrowing which was 10% higher than figures recorded in the same period of 2015,  and that re-mortgage approvals were 18% higher than in May 2015; The highest level since February 2011. 

Looking at performance across the rest of the UK the nine of the twelve regions recorded by the Property Activity Index recorded increases in new both listings ‘For Sale’ and properties ‘Sold’.

The regions recording the largest month on month increases included:

New listings ‘For Sale’

  • London 72.3%
  • South East 22.3%
  • North East 10.1%
  • Yorkshire & Humberside 9.6%

Properties ‘Sold’

  • West Midlands 25.9%
  • East Midlands 11.8%
  • South East 4%

This month’s prominent performer was the West Midlands. After a three month lull reaching -14.50% in May, figures for properties ‘Sold’ bounced back to sit at 25.9% a regional best for June.  London also made robust month on month increases in new listings ‘For Sale’ sitting at 72.3%. While this wasn’t a record best figures were 14.9% higher than in June 2015.

 The largest decline made in this month’s Property Activity Index was recorded by East Anglia. Properties ‘Sold’ fell for a second consecutive month sitting at -4.20%.

 Agency Express Comments

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

During June we expect to see a buoyant property market and this month’s Property Activity Index has shown growth for a large proportion of the UK.  However with the EU referendum only a week ago the Brexit affect is yet to unfold. Looking forward in to the second half of the year it will interesting to see how it affects the usual trends of the market.

Monthly % Changes for June 2016

% Changes for Apr - June 2016

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 16Jun 15Jun 16Jun 15
NATIONAL10.618.3213
Central England2.337.2-1.25.8
East Anglia320.8-4.29.2
East Midlands-1.87.411.811.5
London72.357.41.224.9
North East10.116039
North West0.18.73.110
Scotland-33.43.34.4
South East22.337.8417.4
South West3.111.50.121.3
Wales-1.50.7-0.321.2
West Midlands2.97.325.913.2
Yorks & Humber9.64.80.8-1.6
New ListingsProperties Sold
Apr -
Dec 16
Apr -
Jun 15
Apr -
Jun 16
Apr -
Jun 15
NATIONAL4.94.5-1.32.1
Central England4.210.3-1.7-2.2
East Anglia4.45.2-0.90.4
East Midlands-4.8-3.6-0.15.2
London33.125.7-4.27.4
North East-1.93.3-3.611.8
North West-0.31.4-1.41.7
Scotland0.43.91.12.6
South East8.77.1-1.43.6
South West1.61.8-34.1
Wales-0.6-1.1-0.63.5
West Midlands0.9-3.40.40.8
Yorks & Humber3.4-20.4-3
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