The UK property market gains its usual pace as it bounces back from the summer slowdown of July and August. After two consecutive months of an unhurried market the latest figures reported by the Agency Express Property Activity Index show national growth in September for both new listings ‘For Sale’, rising by 4.6% and properties ‘Sold’ rising by 3.2%. Although these figures remain modest in comparison to those recorded for September 2013 where new listings ‘For Sale’ rose by 11.2% and properties ‘Sold’ rose by 17.2%.
Across the rest of the UK a resilient trend continues. Out of the twelve regions recorded by the index, nine recorded increases in properties ‘Sold’ and seven recorded increases in new listings ‘For Sale’. This month’s top performing regions include the South East reporting robust figures for both new listings ‘For Sale’ and properties ‘Sold’. Properties coming on to the market rose by 16.20% and properties ‘Sold’ rose by a 2.2% marking their largest rise in sales since May earlier this year.
Scotland returns results on par with the South East, reporting increases of +15.90% for properties ‘Sold’ and +3.30% for new listings ‘For Sale’. A particularly buoyant month for the region, in light of the National Association of Estate Agents reporting a decelerated property market pre referendum.
The largest declines in this month’s Property Activity Index were made by the East Midlands. After an unseasonal spike in figures during August the region fell off by -5.50% on new listings ‘For Sale’ and by -12.50% for properties ‘Sold’.
Throughout July and August we historically see a seasonal slowdown. Then during September property market figures rise once again when normal activity resumes. This month we have seen the market do exactly that but to lesser degree. The robust figures recorded in September 2013 were heavily impacted by the launch of the Bank of England’s ‘Funding for Lending Scheme’, financial institutions significantly adjusting their offerings and the overall excitement of the revived property market. This month’s figures balance up with the current activity in the property market which is more subdued in comparison.