The UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market. There are more buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 4.6% in June 2017 compared with June 2016, the latest survey by property website Rightmove found.
The company added that prospective buyers are “seeing a lot of sold boards on properties they would like to buy themselves” – with over 45% of estate agents’ property stock now being sold subject to contract. Meanwhile, cumulative sales agreed during 2017 are almost on a par with the same period in 2016, down by 0.4%, even though the first six months of last year was boosted by the rush to beat the April 2016 stamp duty deadline, the survey added.
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