August 26 2016 Latest news:
Adam Aiken, Editor
Wednesday, August 1, 2012
There was a surprise upturn in the housing market last month, according to the MyMoney24 Property Index.
The index, produced in association with Agency Express, showed that UK-wide residential property sales rose by 8.7pc during July, while new For Sale listings were up 5.6pc.
Of the 12 UK regions covered by the index, 10 bucked the seasonal trend with month-on-month increases in new For Sale listings. Eight of the regions posted positive month-on-month increases.
“This has been a surprising month for the UK property market, showing a month-on-month July increase in both new listings and sold properties for the first time since our index began,” said Agency Express managing director Stephen Watson.
“This upturn comes as a particularly pleasant surprise as certain factors were possibly expected to have a depressing effect on confidence within the market – our preoccupation with a ‘double-dip recession’; the continuing eurozone crisis; the distraction of the Olympic Games taking people’s minds off putting properties on the market; and the slump in mortgage lending figures to first-time buyers since the end of the stamp duty concession, which could well have restricted the bottom-end stimulus the market depends on.
“All these factors considered, the UK housing market seems to be a definite medal contender at the moment.”
Agency Express provides a nationwide estate-agency board service, with the property index based on demand for Sold and For Sale boards.