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
You May Also Enjoy
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide
Aberdeen is cheapest city to be a first-time buyer