Influx of sold boards restricts choice as buyer demand remains strong
The onset of the summer holiday season generally has a dampening effect on both prices and activity, and this month sees the price of newly-marketed property at a virtual standstill, up by just 0.1% . To put it into context,this is a stronger price performance than the previous month’s fall of 0.4%, and is also well ahead of the same month a year ago which suffered a fall of 0.9% after the Brexit referendum.
As we reach the half-way point of 2017 the fundamentals of the housing market appear to remain robust a year after the shock referendum result. Interest rates remain low, and demand for housing remains high, exacerbated by the shortage of available unsold property for sale. This means prospective buyers in many parts of the country are seeing a lot of sold boards on properties they would like to buy themselves. Indeed, the strength of buyer demand and lack of new build and existing property coming to market have resulted in over 45% of agents’ property stock being sold subject to contract.