Housing Market Update

  • Price of property coming to market falls 0.9% (-£2,647) this month, within usual expectations for the run-up to the summer holiday season.
  • Buyer demand in the two weeks since the surprise referendum result is consistent with 2014 although down on 2015.
  • Same period in 2015 benefitted substantially from post-election boost so enquiries this year are down 16% compared to that period.
  • 2014 was not distorted by the election so is a better basis for comparison, and buyer enquiries are at the same level as the like-for-like two weeks in 2014.
  • Most agents report market momentum continuing due to shortage of suitable property for sale, buyers fearful of missing out on scarce choice, and affordability and availability of low mortgage rates.
  • Sellers seem undeterred – compared to the same period last year, the two weeks pre-referendum saw the number of new properties coming to market down by 8%, and the two weeks post-referendum saw them up by 6%.

If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth