In A Surprise Move, Britons Have Undergone a Buying Spree before the Brexit date.
RightMove, one of the largest property portals for the UK Market, have reported that the agreed amount of sales rose by 6.1% year on year for the month of August. RightMove claim to track nine in 10 house sales throughout the UK.
This comes at a time where house prices across the UK had mostly risen since 2012, but the pace of growth has completely diminished since the Brexit vote in June 2016 falling from an annual rate of 8.2% to only 0.9%.
Perhaps this is an indicator to the surprise August buying spree, with fresh data showing that sales have reached their highest since 2015 during what usually is a slower summer period. As Miles Shipside, director at RightMove has indicated, this may be due to people looking to complete deals ahead of the latest Brexit deadline.
“Whilst another approaching Brexit deadline is now nothing new for prospective buyers, this one may seem more definite, and therefore one to beat, with the government regarding this one as ‘do or die’,”
“While the end of October Brexit outcome remains uncertain, more buyers are now going for the certainty of doing a deal, with some having perhaps hesitated earlier in the year.”
It would seem that the usual autumn boost of activity may have been pushed forward amid the unusual political landscape currently facing the UK. With buyers being much bolder with their decision making, and vendors more accepting of a slightly lower asking price.
The average price of properties on the market has fell by approximately £3,000~ compared to the prior month. However prices did remain 1.2% higher than the same period of the prior year.