According to the figures provided by HM Revenues and Customs, or the HMRC to you and me, it seems as though the number of property deals concluded in July and August fell once again. With fewer homes being sold, there is some concern that there is stagnation in the property market.
It is difficult to look at the figures on a year by year basis for this time period because July and August in 2016 saw the market responding to the Brexit vote. In this light, the fact that the number of property transactions, listed as 103,490 for the time period, in 2017 is actually 6.6% up on the 2016 figure. However, in comparison to the 2015 figure, this year’s figure is flat, which is what is leading some property specialists to have concerns about the property market.
Some estate agents have fewer properties to offer
There has also been some concern over the fact that information obtained from the National Association of Estate Agents, the NAEA, which was made available at the end of August 2017 suggests that the number of properties on the books of estate agents was at the lowest level for July since July 2002. This is a 15 year period, and when figures like this are announced it is inevitable that many people will cite concerns. In reality, you cannot take figures like that and then say that it definitely means that this has happened or that something will happen in the future.
At Spencer Harvey, we know it is important to take heed of the figures available in the property market. There is also the fact that many people respond to these figures and expectations, which in some way leads to a self-fulfilling prophesy about what is going to happen in the property market. However, these nation-wide figures are commonly influenced by the big areas, and in Stockport, we find that local market behaviour doesn’t pay too much attention to what is going on in London.
The market looks to be slightly slowing down in some areas of London and while stagnation in the market is generally seen as a negative thing, you can bet that there will be many people in the capital who are pleased and relieved that the market is slowing down. This may help some people to afford a property and get on to the property ladder, something which has been denied a lot of people in recent times.
If you want to speak with local property specialists that know what you are looking for and can provide you with reasoned insight into what may or may not happen in the future, we can help. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html