June activity slumps but haart reports confidence returning

Ryan Bembridge

July 8, 2016

Fewer properties changed hands in June but haart estate agents reckoned confidence has picked up since the Brexit vote.

June saw 28.6% fewer property transactions than the month before – the biggest decline on record according to haart’s National Housing Market Monitor.

There was also a 7% drop in new buyers and a 0.2% UK house price drop to £235,347.

The Great Recruitment Crisis

In London house prices fell by 1.3% month-on-month.

But Paul Smith, chief executive of haart, said: “Since the outcome of the referendum was revealed, we are already seeing the tide begin to turn.

“While there is still a level of uncertainty due to the Brexit vote, I don’t believe this to be a long-term trend as the effect of the vote hasn’t been as great as we anticipated.

“We are seeing sales begin to pick up once more as opportunist buyers take advantage of the situation by snapping up bargains caused by the uncertainty.

“Valuations have actually increased in the last couple of weeks as vendors look to get a professional opinion on the value of their home to understand what effect there has been.”

The number of property valuations was 10% higher year-on-year in the last week of June.

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