Jackson-Stops & Staff says the housing market has weakened a little since the EU referendum but prices have not suffered and the market remains “resilient.”
JS&S has repeated an exercise it undertook some weeks ago, by examining Rightmove data representing around 90 per cent of homes on sale.
It has looked at homes on sale on June 22 - the day before the Brexit vote - when there were 866,179 properties for sale nationally. Of these, 352,301 were under agreed offer, representing 40.7 per cent of the market.
The same analysis taken this week, on August 8, shows the number of properties on the market (including those under offer) has risen by 1.7 per cent to 872,953. Of these, the number under offer (including sold subject to contract) has fallen by 4.3 per cent to 335,176 - this represents 38.4 per cent of all properties on the market, a modest 2.3 per cent drop on the June 22 figure.
The average national asking property price has risen by £1,040 in the past two weeks, from £240,470 on July 25 to £241,510 on August 8, says the agency.
“Whilst the market has weakened slightly following the Brexit result, we usually see a slowdown in activity over the holiday months and these figures suggest we are yet to see a property crisis. Although agreed offers have marginally decreased, many thousands of buyers are still making offers to buy homes in the present economic environment” says Nick Leeming, JS&S chairman.
Analysis of properties under agreed offer or SSTC reveals that the average house price this week is £232,699 - that’s three per cent lower than a fortnight ago.
Looking at only the average asking price of all properties on the market, but not under offer or sold, shows an average asking price of £247,026 - this is three per cent higher than the average a fortnight ago. The agency says this suggests that sellers with agreed offers have been more realistic in pricing than those without an agreed offer in place.
“While sellers may have to drop their asking price a little to get an agreed offer, there is no evidence of sharp house price decline nationally” says Leeming.