UK housing market saw £37bn worth of property sales agreed in July, representing the busiest month for home. Weekly sales agreed figure was also up by 60% compared to the same week in 2019, as buyers continue with their home-moving plans. There were unseasonal all-time highs for new seller asking prices in seven regions, with rising popularity of countryside locations driving prices in places like Devon and Cornwall.
More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced. However, those expressing most desire to move on are unsurprisingly in London and its commuter belt. London has 69% more properties coming to market, with the South East at 60% and the East at 56%. With work and transport patterns potentially changing most around the capital, commuter-belt properties need to have more appeal to prospective buyers than just proximity to a station.
On the contrary, a more broad-based sustainable recovery may be underway with increased activity in most price ranges. If anything, the market is more likely to be restrained by lender delays in mortgage underwriting than a drop in buyer enthusiasm. Prices are not rising significantly as the increase in listings is helping to balance the market and in any event most buyers seem aware of the risks of overpaying in generally uncertain times.