Activity in the UK property market dipped unexpectedly in June, having had a more buoyant performance in May, according to a new Property Activity Index by Agency Express. The index registered activity based on properties that were newly listed for sale, or those that had just been sold.
The dip came as unexpected according to Agency Express, as June is traditionally a more buoyant month, especially in the London property market. New listings of properties for sale fell 1 per cent on a monthly basis, with properties sold falling 3.1 per cent.
However, despite a fall in activity on a national level, some regions managed to outperform others, with some even managing to see activity growth, as Agency Express reported.
London activity remains resilient
Despite a dip in activity on a national level, London was the clear top-performer out of all regions surveyed by Agency Express in June. New listings for sale jumped 21 per cent in the capital in June, but Agency Express highlighted that year on year, activity was actually still lower.
Central England recorded a more modest monthly gain in activity for new listings for sale of 14.2 per cent, while East Anglia reported a 5.3 per cent increase in this activity for June.
The South East and the North West experienced shrinking activity, with North West for sale listings declining 15 per cent in June. The South East saw sold property activity decline by 13.9 per cent, reflecting weakness in both the north and south of England.
Out of the 12 regions surveyed by Agency Express, only a third registered gains in activity for properties for sale or sold overall.
Stephen Watson, managing director of Agency Express commented: “This month’s figures from the Property Activity Index are slightly off trend compared to the same month in 2018. However, as we analyse the year on year data, we can see new listings are on par with figures reported in 2018 and properties ‘sold’ continue to increase.”