Summer slowdown is a myth – claim

The commonly held belief that the property market slows down during the summer months may actually be a myth, research suggests.

Yopa analysed historic market data for the past four years, looking at the average monthly volume of both mortgage approvals and transactions seen over each season.

The research shows that, over the past two years, summer has consistently seen the highest number of mortgage approvals, surpassing both autumn and winter. In the two years prior, summer was still the second highest for mortgage approvals, with spring being the only season to surpass it.

When examining property transactions, the summer months also stand out as one of the most active periods of the year.

Over the previous three years, summer has consistently seen the second-highest number of transactions, just behind autumn. Notably, in the year prior to this, summer saw the highest number of transactions overall.

Yopa said the data debunks the notion that the market slows down in summer and, in fact, it shows that summer is often a prime period for both buyers entering the market and sellers managing to secure a sale.

And whilst autumn may see a stronger level of transactions, it’s important to note that many of these transactions may well have been initially agreed during the summer months.

Steve Anderson, national franchise director for Yopa, said:

“It’s clear that the idea of a summer property slowdown is nothing more than a myth and, in reality, the summer season is actually one of the busiest times for the UK property market.

“Not only do more buyers enter the market in the lead-up to, and during the summer season, but more transactions naturally complete as a result of this increased level of buyer activity.

“But whilst summer may be extremely busy, the momentum that builds throughout the season tends to carry through to the autumn months. So for those sellers who may not secure a buyer this summer, the chances are they won’t have to wait long before they can make their move.”

Kindly shared by EstateAgentTODAY Image courtesy of Adobe