Recent figures released from the Land Registry show a fall in the number of properties sold but an increase in house prices.
May 2015 saw a 15% fall in the number of sold properties compared to May 2014. This data paints a slightly pessimistic picture until you look at other elements that have a large impact on the property market.
The run up to the General Election has historically had a large impact on the number of properties coming onto the housing market, the coverage of Greece’s debt crisis will have also weighed on the minds of potential purchasers.
Looking at the global picture and the degree of uncertainty affecting some of the larger economies, the strength of the property market is reassuring. According to the Land Registry, property prices in England and Wales have risen 4.6% in the year to July. This has been underpinned by a lack of supply, with successive governments not creating the environment to stimulate new house building at the rate required.
At Net an Agent we have seen a small increase in the number of properties listed on our site but a 30% increase in the number of properties instructed with an estate agent since May. This suggests that we should start to see a greater number of properties coming to market in the autumn and we expect to see the number of transactions rise again in the later part of 2015.
Whilst the property market is always in a state of flux affected by domestic stamp duty changes or foreign economies, it would appear that a slightly more stable market is emerging.
With the current low number of properties on the market now, it would appear to be a good time to go to market.