UK property market slows in May
The UK property market remains steady in light of recent reports of lower mortgage approvals and the launch of the Mortgage Market Review. Statistics from the British Banker’s Association have also shown the number of mortgage approvals falling to a three month low.
When the same 3 month period is reviewed in the Agency Express Property Activity Index, national data indicates that sales figures are not yet heavily impacted and that properties ‘Sold’ nationally have only marginally decreased by -0.20%.
Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: In recent weeks there have been reports and articles indicating that the UK property market may be slowing down. Looking at the Property Activity Index’s rolling three monthly data, six of the twelve regions recorded have made declines in properties ‘Sold’, but it is also important to state that these figures are still dramatically up on figures recorded in 2013 and that on a national scale only a -0.20% decline was made. Moving forwards in to the next three months it will be interesting to see if these figures dramatically change as an effect or more people face stringent financial questioning and firmer regulations on lending enforced by the MMR.
Please click here to read the Agency Express Property Activity Index report in full.