4 Sep

Property market resists summer downturn

Property market resists summer downturn

The British property sector has managed to avoid the traditional summer downturn in 2013 as positivity continued throughout.

The warmer months usually represent a time when estate agents will see a drop in activity, but the UK market has proved to be resistant to this trend in 2013 with demand up by 1.1 per cent.

According to Hometrack, the Funding for Lending Scheme and Help to Buy initiative have helped keep buyers keen and activity levels consistent.

It said house prices were 0.4 per cent higher in August than they had been a month before, helping to consolidate the 0.3 per cent rise in July. It was also the first time since 2009 that prices had not dropped in August.

Final sale values increased across a third of the country, marking the greatest coverage of growth recorded at any time since 2007. 

Richard Donnell, director of research at Hometrack, said: "All the key market indicators such as time on market and the proportion of the asking price achieved show underlying housing market conditions are at levels not seen for six years."ADNFCR-1222-ID-801633440-ADNFCR

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