July 29 2014 Latest news:
Adam Aiken, Editor
Friday, July 6, 2012
Last month saw another slowdown in the housing market, with the expected seasonal slowdown marking a third consecutive month of fewer transactions, according to the MyMoney24 Property Index.
The index, produced in association with Agency Express, showed there was a repeat of the trends from previous years.
Month-on-month data for June showed that residential property sales fell by 6.3pc, while new For Sale listings fell by 4.4pc.
However, the second quarter of 2012 saw a rise in overall activity in the market, with an increase of 17pc in the number of new For Sale listings and 21pc more properties sold than during the first three months of the year.
“June has been an interesting month for the UK property market,” said Agency Express managing director Stephen Watson.
“Predominantly, the figures do follow the seasonal month-on-month trend for June established since our index began
“London is frequently talked about as a barometer for the UK housing market and in June it was one of the hotspots, with some positive figures.
“Year-on-year figures for June 2012 against June 2011 are also very encouraging, with positive growth.”
Mr Watson added: “Looking ahead at the next few months, I do have some specific concerns that potentially could impact on the market.
“The growing eurozone crisis is undoubtedly having an impact on consumer confidence; the Olympics promises to be a sporting feast but could postpone activity until early September; and 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.”
Agency Express provides a nationwide estate-agency board service, with the property index based on demand for Sold and For Sale boards.