A new season is upon us, and while for many that means getting the warmer clothes out of the wardrobe and starting to think about the festive season, for those looking to buy or sell property there could be other, more pressing concerns.
Seasonal trends in the property market are nothing new, and while typically August can be a quieter month, often we experience an ‘autumn bounce’ once September arrives. Historically, prices have risen in September each year for the past eight years, however according to recent data released by Rightmove we are currently experiencing the first September price drop since 2010.
New figures have been released from estate agent comparison website getagent.co.uk concerning the seasonal impact on property prices, transactions and the impact seasonally influenced road names may have on property prices. The research looked at the transaction and sold prices across each season in 2018 and thus far through 2019.
Last year, the average sold price dropped -7.7% between summer and autumn, with a further drop of -17.4% during the winter months suggesting we could be in for a cold spell on all fronts over the coming months. With the continuing Brexit uncertainty also having a part to play in falling prices and a reduction in the number of new properties coming to the market, things could get worse before they get better.
Founder & CEO of GetAgent.co.uk, Colby Short, commented “seasonal swings are a factor that influences many different areas of business, not just property, however, when coupled with an already uncertain landscape, they can make mediocre market conditions seem a lot worse than they really are.”
It’s not all bad news however – falling prices do mean it could be potentially easier for first-time buyers to get a foot on the housing ladder in the coming months.
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This article is for educational purposes only and does not constitute investment advice. This article does not amount to an invitation or inducement to buy or sell an investment nor does it solicit any such offer or invitation in any jurisdiction.
In all cases, readers should conduct their own investigation and analysis of the data in the article. Readers are strongly encouraged to seek independent legal and financial advice when considering an investment in strategic land. All statements of opinion and/or belief contained in this article and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Intro Crowd’s own assessment and interpretation of information available as at the date of this article.
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