Property sales rate plummets in London and South East, but West Midlands, North West and Wales defy Brexit uncertainty

Property sales rates in Greater London and the South East have fallen by seven percent and eight percent respectively over the last two years, according to data published today by Quick Move Now.

The figures also revealed that the West Midlands, North West and Wales are defying the national property market slow-down, with significant sales rate rises since 2016.

Each month, Quick Move Now analyses data from across the national and regional property markets, including the percentage of available housing stock that is currently under offer.  Nationally, the average sales rate (the percentage of stock that is under offer) has remained consistent at around 40 percent.  Regionally, however, it is possible to see which areas have thrived and which have struggled since the EU referendum.

Region 2016 sales rate 2017 sales rate 2018 sales rate (to date) Change in sales rate over last two years
East Midlands 39% 43% 43% +4%
Greater London 44% 39% 37% -7%
North East 27% 30% 31% +4%
North West 29% 36% 37% +8%
South East 51% 47% 43% -8%
South West 46% 50% 44% -2%
Wales 27% 35% 38% +11%
West Midlands 44% 51% 51% +7%

 

Danny Luke, Quick Move Now’s managing director, commented: “The figures show a steady fall in sales rate in both Greater London and the South East since 2016, whereas other regions have shown steady growth, indicating which areas have been hardest hit by the political and economic uncertainty of the last two years.

“The sales rate for any area is a valuable independent indicator of the state of the property market.  London and the South East had appeared somewhat unshakeable in terms of property prices and demand in recent years.  However, it seems as the Brexit deadline looms ever closer, both areas are now feeling the effects, with would-be homeowners largely taking a ‘wait and see’ approach before committing to a property purchase.  This means properties are sitting on the market, unsold, for longer.”

Shared by: Beth Lane – beth.lane@quickmovenow.com

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More