Looking back on buoyant summer property market

Research by a national estate agency chain says that the usual summer slowdown in house buying and selling may actually be a myth, and as we head into autumn with transactions at an all-time high it is something our residential team concur with.

Property sales

Whilst spring saw a flurry of activity as buyers rushed to complete purchases ahead of the April stamp duty changes, it is commonly assumed that the summer months see a slow down as people have other things like holidays on their mind.

Yopa estate agents have analysed historic market data and over the past two years summer has consistently seen the highest number of mortgage approvals, surpassing both autumn and winter.

“Summer is a feel good season, buyers may want more garden, or want to complete a late spring purchase before the start of the school year, whatever the reason we are busy helping clients make a move all year round, but it’s true to say we have not seen a summer drop off and more transactions naturally complete as a result of increased buyer activity in earlier months,” said Director & Head of Property, Victoria Marshall.

“We also help a lot of clients realise their dreams of buying a holiday home over the summer months which is a lovely way to spend your working day,” she added.

Changes in interest rates

Interest rate changes have also boosted the property market and this improved affordability has helped prop up activity, with the number of sales agreed in May hitting a four-year high and defying the usual summer lull.  Now as we head into the autumn and winter months house buyers want to be in by the start of December.

“We have a varied property mix and deal with transactions all over the country but it’s always great to work with first-time buyers and be involved in the excitement of their first home.  First time buyers are enjoying the best affordability in a decade, buoyed by wage growth, flexible mortgage products, and rising availability of low-deposit and even 100% mortgages,” said Victoria.

How can we help?

If you are a first-time property buyer or want some advice on an house sale or purchase our residental conveyancing solicitors are here to help.  Call 0161 785 3500 or email enquiries@pearsonlegal.co.uk

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.