For many of us, the summer clothes are back in the drawer and the sun cream is packed away.
But a report released this morning suggests that, far from the UK property market taking a break in August, both prices and activity continued at a steady pace.
Figures released from Mortgage Advice Bureau this morning suggest that, for the most part, buyers and sellers remained busy last month, with lending levels consistent on previous months and only a slight downwards movement on key indicators.
Most experts in the industry normally expect house prices to drop over the summer months, as typically it’s a quieter period with properties taking longer to sell, which means that those who are selling their homes at this time of year tend to price slightly more competitively in order to secure a buyer, and this pattern is evident in the Mortgage Advice Bureau data for August.
However, as the report also suggests, some parts of the UK bucked this trend and saw an upwards movement in pricing and borrowing, which points to continued consumer confidence in bricks and mortar.
Overall, according to the data the average house purchase price in the UK dropped by 1.2% in August on the previous month, allowing for regional differences, with the well-documented market correction in London and the South East becoming apparent, as prices cooled by an average 8.6% annually in the Capital.
Elsewhere however, prices continued on the ascent with the East Midlands and Wales seeing the average purchase borrowing amount increase month on month, with the East of England far and away the best performing region so far this year, with a substantial 15.3% level of annual growth in August.
Mortgage Advice Bureau’s Head of Lending, Brian Murphy said: “Going into the summer months, many had expected to see a marked dip in both activity and prices across the board, due to a combination of anticipated consumer concern with regards to the current political climate, and also economic factors such as slow wage growth hampering affordability.
“Whilst these factors have perhaps seen discretionary buyers leave the market for the last few months, we are still seeing a healthy number of those purchasing due to life circumstances, e.g. moving home due to work or family factors, together with a noticeable upswing in First Time Buyers taking advantage of the fact that fewer landlords are adding to their portfolios at the current time, meaning that there is less competition for entry level…