What has been happening in the property market?
By Alex at Aboda, Jul 24 2019 08:37AM
In June, the HMRC report that the number of properties sold was 16.5% lower than a year earlier. Despite this fall, in the first half of 2019, sales levels were just 3.6% below the first half of 2018.
Nationally there were 7.8% fewer homes for sale in June compared to a year ago, according to Rightmove, with sales volumes 4.6% lower to date in 2019.
With demand levels starting to stabilise, the RICS expect some improvement in sales rates at the national level over the next 12 months.
The Bank of England report mortgage approvals and mortgage lending in May were up marginally on last year, however quarter on quarter the volume and value of lending has fallen.
Although buyer interest remains, at 62 days the average time to find a buyer in July is at its longest since July 2013, according to Rightmove.
If you would like to know more about what is happening in the property market for our local area - please feel free to give me a call! I'm always happy to help!
Alex Doggett - Owner - ABODA Fine Homes