World Cup stalls housing market

Published on

The World Cup helped stall the UK housing market in June according to the latest Agency Express Property Activity Index.

The latest results show that the number of UK monthly house sales fell in June by 5.3%. According to Agency Express, it appears that the wall-to-wall coverage of the World Cup, Wimbledon and the one day cricket has caused homebuyers to temporarily place their home buying plans on hold. June 2010 was 7.0% down on June 2009’s level.

The hardest hit regions were the West Midlands where there was a dramatic slump of 26.4% in the number of houses that were sold in June, followed by the South West down 11.4%, Wales down 10.6%, the North East down 8.8% and London down 7.7%. Only two regions in the UK were able to report a rise in June house sales – they were the North West where sales were up 10.5% and the East Midlands where sales rose 6.7%.

The cities that witnessed the most dramatic falls in house sales in June were Birmingham down 34.7%, Nottingham down 32%, Exeter down 31.7%, Southampton down 27.8% and Glasgow down 27.4%. Only a few cities witnessed an increase in monthly house sales with Leicester leading the way with a 44.0% rise followed by Manchester up 37.0% and Milton Keynes up 30.1%.

Stephen Watson, managing director, Agency Express, said: “The heightened interest in the World Cup and the number of games shown live seems to have drawn people’s attention away from closing the deal on their prospective properties. Now that England have crashed out of the tournament after a number of lack lustre displays we can expect homebuyers to return to the housing market with real conviction to get their new property sorted. With interest rates still at record low levels and house prices having stabilised

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Mortgage brokers have little to fear from AI, says Mortgageforce boss

Mortgage brokers should embrace artificial intelligence rather than fear it will ultimately replace them,...

Waiting for completion causes greater anxiety than saving for a deposit

Delays towards the end of the homebuying process are a greater source of anxiety...

Leasehold delays put Christmas property completions under pressure

Homebuyers hoping to complete before Christmas face increasingly tight deadlines, with leasehold transactions and...

Conveyancing firms warned over risks of uncoordinated AI adoption

Conveyancing firms risk undermining the benefits of artificial intelligence unless they address weaknesses in...

Masthaven Finance revenue rises sixfold as lender enters FT growth ranking

Masthaven Finance has been placed 48th in the Financial Times' inaugural ranking of the...

Latest publication

Other news

Mortgage brokers have little to fear from AI, says Mortgageforce boss

Mortgage brokers should embrace artificial intelligence rather than fear it will ultimately replace them,...

Waiting for completion causes greater anxiety than saving for a deposit

Delays towards the end of the homebuying process are a greater source of anxiety...

Leasehold delays put Christmas property completions under pressure

Homebuyers hoping to complete before Christmas face increasingly tight deadlines, with leasehold transactions and...