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TODAY'S OTHER NEWS

Property sales in August ‘surprisingly robust’

There was a ‘surprising’ rise in the number of property buyers going through with sales in August irrespective of any uncertainty in the UK housing market following the Brexit vote, new figures suggest.

The latest Property Activity Index provided by Agency Express shows that the volume of residential properties ‘sold’ rose by 2.8% in August compared with the same month a year earlier. But the figures also reveal that the number of listings ‘for sale’ last month fell by 4.4%.

Looking at property market activity across the UK, there was a ‘robust’ level of activity, according to the data, with eight of the 12 regions recorded by the index reporting increases in properties ‘sold’ and two posting increases in new listings ‘for sale’.

The regions recording the largest month-on-month increases included:

Properties ‘Sold’

+ Scotland +15.2%

+ North East +15.7%

+ East Midlands +13.8%

+ South West +7.2%

+ Yorkshire & Humberside +6.3%


New listings ‘For Sale’

+ Scotland +11%

+ East Midlands +0.7%

Scotland was the prominent performer in August, reporting robust and record best increases in both new listings ‘for sale, sitting at 11%, and properties ‘sold’ at 15.2%. 

The largest declines recorded last month were in London. Falling for a second consecutive month, new listings in the capital sat at -16.7% and properties ‘sold’ at -4.6%.

Commenting on the latest index results, Stephen Watson, managing director of Agency Express, said: “Historically throughout August a slowdown in the property market is anticipated. However, this month we have witnessed a widespread increase in activity, specifically in properties ‘sold’.

“Last month’s regional data shows eight of the twelve regions bucking the seasonal trend; if we look back at the Property Activity Index from August 2015 we can see that all twelve regions recorded declines. As we move in to September where a spike in activity is expected it will be interesting to see if the trend continues and how this reflects in the figures.”

  • MMi Legal

    As one of the largest conveyancing practices in Scotland, McVey and Murricane have been running a survey of clients as to their intentions in the housing market following Brexit. It assists also in establishing current attitudes towards the market.

    The survey is ongoing but at the moment, the current message is that Brexit has not changed intentions substantially. The survey suggests that around 10% of people are less likely to move from their current property because of concerns over Brexit. When the full results of our survey are known we will publish its results on our website at www.MMilegal.com.

    We also believe that there are material differences depending upon location. In our series of Brexit and the Scottish Property Market (http://www.mmilegal.com/how-will-brexit-impact-upon-the-scottish-property-market-2/) we explain just how much government, regulatory and finance jobs support the Edinburgh area property market.

    However, our own statistics support much of the findings of the article.

    McVey and Murricane, Solicitors

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