September’s month-on-month data from the Agency Express Property Activity Index has revealed an increase in the number of new listings coming on to the UK property market.
The number of new properties listed for sale across the UK was up 2.4% in September compared to August, fresh figures have revealed, as the autumn buying season got underway.
But despite the month-on-month rise in the volume of properties for sale, the UK housing market appears to be losing momentum, as reflected by a marginal drop in the number of homes sold last month compared with the previous month, according to the latest data from the Agency Express Property Activity Index.
Five of the 12 regions monitored in the index saw increases in new listings ‘for sale’, led by London, where there was a 16.3% jump. The sharp rise in homes on the market for sale is likely to place downward pressure on property values in the capital, unless there is also a sudden surge in buyers.
However, it is worth noting that over a three month rolling period, figures for London remain down at -23.7%.
The research also reveals that seven of the 12 regions observed reported increases in properties ‘sold’.
The areas to record the largest month-on-month increases included:
New listings ‘For Sale’
- London 16.30%
- Central England 10.10%
- East Anglia 5.90%
- South West 5.10%
- South East 5.00%
- South West 10.20%
- Yorkshire & Humberside 5.40%
- East Midlands 4.50%
- Wales 3.60%
- South East 1.50%
Commenting on the latest index, Stephen Watson, managing director of Agency Express, said: “During September we would normally see a spike in activity following the summer holiday slump. While ‘for sale’ figures in general have remained on trend we haven’t witnessed the same buoyancy in ‘sold’ figures.
“As we now move into the last three months of the year where traditionally we start to see a slower pace across the market, it is unlikely that we will see any major increases in activity.”
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