Latest property news: Here’s what sellers need to know

Latest property news: Here’s what sellers need to know

We nearing the end of the summer now and unfortunately it's only just got going, with the hottest day of the year recorded towards the end of August.

The property market has been motoring on come rain or shine, though, with people completing dream moves all over the country every week.

If you're selling your property, or thinking about coming to market soon, the following news stories are likely to be of interest…

 

July was a bad month for property demand

We thought we'd get the bad news out of the way first. The National Association of Estate Agents (NAEA) recently published its latest Housing Market Update.

Unfortunately, the figures - which covered July - were not too promising. The organisation reported that its members had 298 prospective buyers registered with the average branch, down from 330 in June and the lowest figure recorded since November 2013.

The supply of property on the market was slightly up in July, however, from 37 properties per branch to 38.

One upside is that in July, estate agents reported that the average branch sold eight properties. This is the same figure as June, which indicates that while overall demand was down, there were still a healthy number of transactions being pushed through by serious buyers.

It's likely that the figures for August will be improved and as we move into September now, we're hopeful that demand will increase sharply as people look to move home before Christmas.

 

People still moving in their droves this year, despite referendum

In the first six months of 2016, some 174,000 people moved home, according to the latest Lloyds Bank Homemover Review.

This is 9% higher than the same period last year and a phenomenal 50% increase on the low recorded in 2007.

In the early stages of the year there was plenty of talk of people delaying moves due to the prospect of the EU referendum.

These figures seem to counter that claim, which is certainly promising for the remainder of Q3 2016 and the final quarter of the year.

Lloyds also reported that the average deposit put down by a property purchaser in the first half of the year was £100,000 (£190,000 in London).

 

Demand for surveys increases as buyers and sellers remain sensible

Despite the rising costs of purchasing a home, prospective property buyers are continuing to purchase Home Condition Surveys and Building Surveys, according to the Residential Property Surveyors Association.

The organisation says demand for surveys increased by around 30% in the first half of the year and has remained consistent since.

“Far from seeing demand growth in cheaper, more basic surveys, the opposite seems to be the case, with a higher proportion of buyers are choosing a more thorough Home Condition Survey or Building Survey,” commented the association's chairman, Alan Milstein.

Surveys are an important part of purchasing a property safely and you can read more about them here.

 

Asking prices down, but it's only due to summer

That's the message from Rightmove, which recently reported that the average asking price of a home coming to market dropped by 1.2% in the last two weeks of July and the first two weeks of August.

The portal says that this sort of dip is entirely expected at this time of year and is 'in line with the long-term average'.

Figures show that Greater London was the worst affected area with a monthly average asking price dip of -2.6%.

Meanwhile, Yorkshire & the Humber was the only region to record a monthly price rise at a healthy 1.2%.

You can see Rightmove's comprehensive figures in full here.

 

Bank Holiday ushers in key selling period

Following on from Rightmove's seasonal message, it's important to remember that as we move out of summer and people return from holiday, buyer activity really ramps up.

We recently reported that August 10th is one of the busiest days of the year for online property searches. What's more, the August Bank Holiday weekend is traditionally extremely popular with house-hunters.

This means now is the perfect time to prepare a home for the market as buyer interest is likely to be buoyant in the coming weeks.

“Lots of people put their houses on the market around this time of year, so you really do need to go the extra mile to make your property stand out from the crowd," advises our very own Sarah Beeny.

That's it for this month; we'll be back in September with some more of the biggest headlines for the UK's property sellers.