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Housing Market

Property market is over EU referendum shock, claims Rightmove

Portal says its figures show 4.6% more agreed sales last month compared to a year ago.

Nigel Lewis

brexitRightmove says the property market has recovered from the shock of the EU Referendum with more sellers coming to market and more people buying than a year ago.

Its latest house price index reveals that there were 4.6% more sales agreed last month compared to June 2016, and 7.6% more properties coming to the market.

Miles Shipside Rightmove image“The half way point of 2017 is a useful time to make a comparison with the previous year and the number of sales being agreed by agents is uncannily within fractions of a percent of the number at the same half-way point of last year,” says Miles Shipside of Rightmove (pictured, left).

“This year and last year have had their own shocks and distortions, but these statistics show that the distractions have been short-lived and have now evened themselves out.

“While the number of existing owners coming to market this month is up in eight out of ten regions compared to a year ago, giving more fresh choice, it has to be kept in mind that the comparison is against a subdued new listing period in 2016 around the time of the referendum.”

Despite the upbeat market data, prices are at a “virtual standstill” across the UK, Rightmove says, even though it remains a seller’s market.

And, although prices are rising by 2.8% annually, many buyers are finding that they cannot afford to make big offers and that many property are “hitting their price ceiling”. Prices of newly-marketed properties increased by just 0.1% during June.

This compared to May this year during which prices dropped by 0.4%, while during June last year – the month of the EU Referendum – prices slipped by nearly 1%.

“A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong,” says Miles Shipside.

“Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence.”

Nicholas Leeming Jackson-Stops & Staff imageNick Leeming, Chairman of Jackson-Stops & Staff (pictured, right), says: “It is positive to see Rightmove’s data showing stock levels up on last year but much more work needs to be done to get Britain building more high quality, new homes across the country, suitable for a range of demographics and lifestyles.

“With housing minister Alok Sharma now in the driving seat, it will be interesting to see whether the long awaited Housing White Paper rears its head from its hiatus. I am hopeful a change in housing minister will get the ball rolling again on renewed levels of home building.”

July 17, 2017

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