The UK has dealt with historic temperatures this week, and although the scorching heat of the housing market is showing some signs of moderating as month-on-month price rises soften, it remains sunny for those looking to buy and sell.
Rightmove report that buyer demand, while down year on year, is 26% stronger than in pre-pandemic June 2019, with the volume of new sellers to the market up 13% compared to this time last year. At 47, average stock levels per agent have improved since the start of the year.
With the volume of new instructions still failing to keep track with demand, properties continue to sell (SSTC) in just 32 days. This is 6 days faster than a year ago, and over three weeks quicker than the pre-pandemic June average.
The cost of living crisis is likely to dampen the market over the second half of 2022, but a net balance of agents still anticipate price growth over the next 12 months (RICS).Source: Dataloft, DLUHC, Land Registry