National fall in ‘for sale’ listings

National fall in ‘for sale’ listings

Houses

UK-wide residential property sales fell by -6.3% in June, whilst new ‘for sale’ listings also fell month-on-month by -4.4% compared to May.

This is according to latest figures from the Agency Express Property Activity Index, which provide a nationwide ‘For Sale’ board erection and management service.

However, there was 16.9% increase in the number of new ‘for sale’ listings reported in the second quarter compared to the first and a +21.2% increase in the number of properties ‘sold’ over the same comparative period.

Of the 12 UK regions covered within the Index, three saw month-on-month increases in new ‘for sale’ listings during June. These were London – up by 17.1%, Wales – up 5.4% and the South East – up by 4.9%.

Most regions reported an expected seasonal decline but some worse than expected. These were the North East – down by 30.3%, Scotland – down by 14.2%, Yorkshire – down by 12.0% and the North West – down by 8.6%.

For properties ‘sold’, four regions reported positive month-on-month increases for June, Yorkshire – up 10.1%, the South East – up 5.1%, the North East – up 3.0% and the South West – up 2.9%.

Meanwhile the West Midlands was down by 25.4%, Wales was down by 23.3%, Central was down by 14.9% and the North West down by 12.5%.

Agency Express reported that ‘hot-spots’ for new ‘for sale’ listings were Leicester – up 133.9%, Cardiff – up 45.8%, Brighton – up 29.7% and London with an increase of 17.1%.

For ‘sold’ properties the UK’s hot-spots were Exeter – up by 32.4%, Leeds – up 17.0%, Bristol – up 12.8%, Glasgow – up 11.7% and Nottingham with an increase of 11.3%.

“June has been an interesting month for the UK property market. Predominantly the figures do follow the seasonal month-on-month trend for June established since our Index began 2007, but it does also show some real geographic variances between countries, regions and cities,” said Stephen Watson, managing director, Agency Express.

“London is frequently talked about as a barometer for the UK housing market and in June it was one of the hot-spots with some positive figures. Year on year figures for June 2012 against June 2011 are also very encouraging with positive growth.

“Looking ahead at the next few months I do have some specific concerns that potentially could impact on the market; the growing euro-zone crisis and is undoubtedly having an impact on consumer confidence; the Olympics promises to be a sporting feast but could postpone activity until early September; the slump in mortgage lending figures to first-time buyers since the end of the stamp duty concession could well restrict the bottom-end stimulus that is badly needed.”