Summer boosts property sales by 6.1%
The housing market in the UK has faired better this summer than compared to the same time last year according to Rightmove’s latest house price index. It reported that the number of sales agreed across all regions has increased by 6.1 per cent, the highest number since 2015. In some areas of the country, including the North East, and Yorkshire and Humber, the number of sales agreed is much higher than the national average, boasting an impressive annual rise of more than 10 per cent.
Property sales increasing ahead of Brexit
Rightmove’s Director and housing market analyst, Miles Shipside, said, ‘surprisingly, there seems to be a bit of a summer buying spree, despite it normally being a quieter time of year.’ He believes summer ‘can be a good time of year to buy, with less competition from other buyers, and sellers typically willing to accept a lower price.’ Mr Shipside goes on to suggest the summer shopping spree could be related to the looming Brexit deadline and that buyers wanted to get a deal done before the UK’s likely departure from the EU on Halloween.
Average property price increase
The online property giant’s index also showed that the average price of a property on the market is £305,500, that’s a rise of 1.2 per cent year-on-year despite an overall drop of 1 per cent between 7th July and 10th August. The only regions to experience a monthly rise were Yorkshire and Humber and Wales, whose properties asking price increased by 0.7 per cent and 0.3 per cent respectively. While its property prices haven’t enjoyed the steady rise of other areas, London’s homes have increased in value from this time last year by 1.3 per cent and now stand at an average worth of £617,208. The index also shows that the average asking price for a property across all sectors has increased; first-time buyer homes are up 0.8 per cent, ‘second-rung’ properties increased by 1 per cent and the value of ‘top of the ladder’ homes rose 1.4 per cent.
Jeremy Leaf, a London estate agent and former residential chairman at RICS, suggests ‘buyers are looking beyond Brexit and taking advantage of improving affordability, softening prices and greater realism among sellers.’