UK property market defies the traditional summer dip

UK property market defies the traditional summer dip

The UK's property market is a seasonal beast, with certain times of the year bringing about peaks and troughs that we see taking place year after year. Peaks traditionally come in spring and autumn months, while we normally see dips around winter and summer. 

However, in 2015, the latter has not materialised in the same way as it normally does, with the market resisting the traditional summer dip as demand for purchases remains high at present. 

In August, the post-recession average performance has seen prices drop by 1.5 per cent during the month. However, in 2015, the August fall to date has been only 0.8 per cent. It means that the summer holiday impact has been less pronounced than normal, which marks yet more good news for buyers. 

Rightmove said that the step away from tradition has been brought about by the fact there has been a fall in the number of homes for sale of eight per cent compared to last year. This has come at a time when buyer numbers have increased. What this means is that competition is high among buyers, who have to subsequently pay closer to the asking price to secure their purchase. 

"While new seller asking prices have been muted by the traditional summer holiday property slowdown, the underlying shortage of property coming to market compared to buyer demand has helped to deliver the strongest August price performance since before the credit crunch," said Miles Shipside, Rightmove director and housing market analyst..

He said that in most years, buyers can pick up a real bargain during the summer months as an increase in people being away on holiday drives a shortage of buyers, but this is not something that has materialised at all in 2015.