Good Weather Has Helped House Buying Market
THE glorious summer weather helped the property market enjoy one of its busiest periods for six years.
And a 0.4 per cent price rise in July and August means the sector is in the best shape since before the financial crisis, according to property analysts.
The sunshine tempted buyers and sellers to venture into the market, creating an unseasonal increase in demand that helped to shrug off the traditional August downturn.
The latest figures from Hometrack showed growing confidence, with values rising at an annual pace of 1.8 per cent – the biggest leap since 2010.
It has left the price of a typical three-bedroom semi at £154,300, according to Hometrack.
Buyers snapping up their dream homes mean properties are selling faster. The average property is now on the market for 8.1 weeks – a period not seen since the end of 2007.
In contrast, far fewer sellers are taking a discount on their sale price, and the average discount to asking prices is now the lowest since September the same year.
Alexander Gosling, director of low-cost online estate agent Housesimple.co.uk, said: “It’s been an unexpectedly bumper summer for the property market. Soaring temperatures have certainly tempted more buyers out.
“But so has a welcome boost in buyer confidence thanks to Government schemes like Help To Buy and some very attractive mortgage rates from lenders keen to grab market share.
“Market activity has been buoyant and more viewings have been converting into sales. The hope is this momentum will continue into September and October.”
He said particularly good news for sellers was the number of properties achieving near to, or bang on, the asking price.
“This is a complete turnaround from last year, when sellers had to discount substantially to attract the few buyers who were out there,” he added.
The growing strength of Britain’s housing market revival had a positive knock-on effect for retailers, who enjoyed their best sales growth for six months in August amid a surge in demand for homewares.