It is reported by the Guardian that “the UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market. There are more buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 4.6% in June 2017 compared with June 2016, the latest survey by property website Rightmove found. The company added that prospective buyers are “seeing a lot of sold boards on properties they would like to buy themselves” – with over 45% of estate agents’ property stock now being sold subject to contract.
Meanwhile, cumulative sales agreed during 2017 are almost on a par with the same period in 2016, down by 0.4%, even though the first six months of last year was boosted by the rush to beat the April 2016 stamp duty deadline, the survey added. Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong.
“Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45%, have sold signs slapped across them.”
The monthly survey, which is calculated on asking prices rather than completed transactions, comes at a time of year when the property market is typically quiet, as buyers and sellers take a break from the spring selling season and households concentrate more on holidays than house buying. According to Rightmove, the seasonal slowdown in activity has caused the overall market to rise by just 0.1% last month, but while that includes a drop in prices for first-time buyers outside of London since June, the traditional blip in the market at this time of year has provided little solace for embattled buyers trying to get on the property ladder.”