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UK property market remains robust despite slight slowdown

The UK property market remains strong despite a marginal slowdown in activity levels last month, new data shows.

The latest analysis of sign boards by Agency Express reveals further growth in the UK property market, albeit at a slower pace. National figures for new listing ‘for sale’ last month sat at 10.2% and properties ‘sold’ at 26.2%.

February’s month-on-month figures are impacted by January’s post Christmas spike, and yet annual data reveals greater activity in the market during 2016, where the supply of new listings rose by 23.3% and properties ‘sold’ increased by 37.6%.

Looking at regional activity across the rest of the UK, 11 of the 12 regions recorded by the Property Activity Index reported growth in the number of properties ‘for sale’ while all 12 regions recorded increases in properties ‘sold’.

Last month’s top performing region was the North West. Figures for new listings for sale sat at 38.8% and properties sold at 35%.

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

Properties ‘Sold’

Wales 45.9%

West Midlands 37.7%

Scotland 35%

New listings ‘For Sale’

Scotland 25.9%

Wales 14.8%

London 10.8%

The only region to record a month-on-month decline in February’s Property Activity Index was East Anglia. New listings ‘for sale’ fell by 5%, marking the region’s largest decline for February since the index’s first records in 2012.

Commenting on the latest index results, Stephen Watson, managing director of Agency Express, said: “We traditionally see an adjustment in figures during February, and the latest data from the Property Activity Index has shown a slower moving market compared to 12 months previous. However, during the first four months of 2016 figures were stimulated by the stamp duty changes, so we may not see a clearer yearly comparison until the summer.” 

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