UK market sees seasonal slowdown in September

There was a marginal increase in the number of properties coming onto the market in September, but a decline in properties ‘sold’.

That is according to Agency Express’ property activity index, which revealed new listings ‘for sale’ sat at 0.1% while figures for properties ‘sold’ rested at -2.6%.

However, yearly comparisons show greater activity in 2018, where new listings reached 18% and properties ‘sold’ were at 13.8%.

Analysing activity across the UK, six of the 12 regions recorded by the index reported increases in new listings ‘for sale’ and five reported increases in properties ‘sold’.

Regionally, East Anglia recorded the best results, with figures for new listings ‘for sale’ at 4.9% and properties ‘sold’ at 2.2%. Central England followed suit, with new listings bouncing back at 6.2%. However, activity has slowed year-on-year for both regions.

Other areas to see month-on-month increases included:

New listings ‘for sale’

• Scotland (3.1%)
• London (2%)
• North East (0.9%)
• Yorkshire and Humberside (0.5%)

Properties ‘sold’

• South East (5.5%)
• Yorkshire and Humberside (5%)
• Wales (1.4%)
• London (0.5%)

Meanwhile, the largest month-on-month declines in September were seen in the East Midlands. Falling for a second consecutive month – and for the first time in September since 2014 – figures for properties ‘sold’ sat at -14.4%. Figures for new listings, however, were more robust at -0.6%, the first fall in figures for the month for three years. A substantial decline was also witnessed in Central England, where figures fell for a fourth consecutive month at -11.5%.

Commenting on the findings, Stephen Watson, managing director of Agency Express, says: “Moving forwards, based on the seasonal trends we would expect a pickup in activity in October then a slowdown towards the Christmas period.”

“As we move into these months, it will be interesting to see how the year-on-year comparisons fare.”