The property market is one of the most talked about sectors in the country at the moment. There appears to be conflicting reports about the current state of the property landscape, however it is simply a matter of waiting to see what will happen to the ever changing market before the full effects of the referendum ring true.
Yet the first full month’s results since the historic referendum are a good starting point. July’s results have been awaited with bated breath by property experts, homeowners, house hunters and investors right around the country. And most will be jumping for joy as July’s figures show a steady increase in houses prices. Up 0.4 percent on June’s figures, this takes the average house price in the UK to £216,750.
Rebecca Peach, managing director of I Am The Agent, said, “These figures have been long-awaited by all. July’s figures are widely seen as the start of the next phase in the property landscape. The price increase, although relatively small, is good news as many predicted a sharp collapse immediately following the result.”
The almost half a percent increase highlights an annual price increase of 8.3 percent across the UK, while England’s property prices rose 0.5 percent, and London’s, despite multiple reports about a slow market, rose by one percent.
The latest data does however show some signs of a slowing market. UK home sales fell by 0.9% in July 2016 compared to the June. This means that home sales on a monthly basis do remain below levels seen in 2014 and 2015, as well as before the stamp duty changes in early 2016. Land registry figures too show a decline in completed house sales for May – the month prior to the referendum. That number fell by 33.5% to 49,795 in England. This compared with 74,897 in May 2015.
I Am The Agent is the UK’s fastest growing online estate agent. It currently has 70,000 registered users and as a result has helped thousands of homeowners find the perfect buyer for their house. The company offers fixed fee sales and letting packages to homeowners and landlords alike and prides itself on being ‘the people’s online estate agent’ by allowing the client to ‘become the agent’.
