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Summer sales on the up in UK property market

The national month-on-month figures for new listings ‘for sale’ reached 9.4%, while the amount of properties sold sat at 6.2% in June, the latest data from Agency Express revealed.

Its Property Activity Index found that the buoyant property market in May has continued its upward trend, which is greater this year compared to 12 months ago. This also aligns with a 3% rise in mortgage approvals compared to the previous year, according to UK Finance.

On a regional scale, six of the 12 regions reported increases in properties ‘for sale’ and seven regions reported increases in properties ‘sold’.

What’s more, London was in the lead with new listings ‘for sale’ at 62.2%, although they shy in comparison to last year’s figures. The South West followed suit with properties ‘sold’ at 27.9% - the rise in figures resulting in a record June for the region.

Other regional hotspots with an increase in new listings ‘for sale’ included; Central England (16.4%), South West (14.2%), South East (12.5%), Scotland (7.1%) and Yorkshire & Humberside (1.1%).

For properties ‘sold’, South East came out on top with a 21.9%, followed by London (14.6%), North East (11.4%), North West (6.5%) and Scotland (4.5%).

Meanwhile, Wales recorded the largest decline in June’s index with new listings ‘for sale’ at -5.7%, while East Anglia saw -4.9% for properties ‘sold’. Despite this, the Property Activity Index’s rolling three monthly data shows more stability across both regions with Wales at 0.2% and East Anglia at 0.6%.

Stephen Watson, managing director of Agency Express, said the Property Activity Index remained ‘true to trend’ and year-on-year increases have been made.

He added: “Now that we’re in July a slowdown is anticipated, so we’ll be monitoring yearly comparisons closely to see how the summer fairs.”

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