Top online estate agent sheds light on June’s property market
There’s no denying that the property market has been interchangeable in recent years. Since coming out of the recession, the housing market has seemingly gone from strength to strength with prices overtaking where they were during the 2006 property boom. And June was no exception.
For the month of June – which was also the month Britain voted in the UK Referendum – the annual rate of UK house price inflation increased by an impressive 8.7%, with average house prices in the country now standing at £213,927. This signals an impressive one per cent increase on May’s average of £211,864.
Rebecca Peach, managing director of I Am The Agent, said, “The housing market has faced a lot of scrutiny recently, but this increase shows the market’s resilience. A one per cent increase is incredible considering the population was taking part in such a significant vote.”
However, since the Referendum, confidence appears to be at an all-time low. Since the vote at the end of June, there have been reports of tumbling prices, fewer mortgage applications and fewer houses on the market.
“There have been a lot of contrasting reports of late regarding the property market. Some are suggesting the country is booming post-Brexit, with others suggesting quite the opposite,” added Rebecca. “We predict with the usual seasonal traits, the market will slow down given the summer holiday period. And no doubt this may be linked to the uncertainty of Brexit, which will impact the next quarterly statistics provided by The Land Registry. However, according to our ‘post Brexit’ research, clients have seen a reduction in asking prices in the region of 10%. This in turn could create its own ripple effect in sales by slowing down price growth but may in turn make it more manageable for first time buyers to get on the property ladder and stop the property bubble from bursting. We are hopeful the UK property market will remain stable given thus far we have seen no changes in the market. Until the UK is out of the European Union, it will remain a guessing game to see the real impact. So it’s not all bad and we must keep the faith and not listen too much to journalists but instead follow the market stats and real data provided by reliable sources such as the Land Registry and HMRC.”
The property specialist has also highlighted that due to the recent interest rate reduction, coupled with the ‘help to buy’ scheme in force, it could be a good time to sell or buy. Their search volume for buyers remains at a 2% growth from last month, with rentals at a 6% growth.
Over the last five years the housing landscape has changed significantly. From rent cuts for housing associations, the introduction and subsequent extension of the Help to Buy scheme and the recent tax changes aimed at controlling investor demand has meant that the property market has experienced peaks and troughs since the plummeting prices seen in 2008, 2009 and some of 2010.
I Am The Agent is the UK’s fastest growing online estate agent. It currently boasts 70,000 registered users and has helped thousands of homeowners find the perfect buyer for their house. Offering fixed fee sales and letting packages to homeowners and landlords, I Am The Agent is ‘the people’s online estate agent’, allowing the client to ‘become the agent’.
To find out more visit: http://www.iamtheagent.com
Dakota Digital for I Am The Agent
Contact: Hannah Byrne
Tel: 01623 428996
Notes to editors
I Am The Agent was one of the first online estate agencies to offer fixed fee sales and letting packages to homeowners and landlords.The company’s tagline is: I am saving, I am in control. I Am The Agent. It gives homeowners and landlords full control of their listing, allowing them to ‘become the agent’.I Am The Agent’s website has over 80,000 registered users.The pioneering company has saved clients in excess of £18,000,000 over the last few years.I Am The Agent managing director, Rebecca Peach, has five years’ hands-on research of the industry and marketing expertise.The company prides itself on offering customers more for their money compared to their competitors. The pricing to receive a valuation, board, professional photos, floorplans and 12 months’ marketing on Rightmoveand Zoopla is just £399inc vat. This highlights between a 50% and 65.5% saving for exactly the same offering as Purple Bricks – depending on whether sales are inside or outside of London. It also highlights a 24% saving on Tepilo and 70% saving on eMoov’s cheapest packages. However these both exclude a board and assisted viewings, while boasting shorter marketing time as standard.
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