Market records summer holiday slowdown following post-lockdown boom

The property market experienced a slowdown last month as a result of more people going on summer holidays, according to the latest data from Agency Express.

Its latest Property Activity Index paints an alternative picture to other recent reports which suggest that demand and supply continued to surge last month. 

The number of new listings with For Sale boards dropped by 8.3% compared to July, while the number of Sold boards fell by over 5% on a monthly basis.

Agency Express says that annually this data is largely 'on trend'.

Just two of 12 regions - the South East and the North East - reported an increase in For Sale boards at 2.4% and 2.7% respectively.

Meanwhile, the number of Sold boards increased in the South East, Wales, the South West, East Anglia, the West Midlands and London.

The largest decline was recorded in the North West where For Sale and Sold boards both dropped by over 20% on a monthly basis following a robust return to the market post-lockdown.

"This year has been anything other than typical, but throughout August a seasonal adjustment is anticipated and although many regions have seen a substantial slowdown, year on year figures are on track," says Stephen Watson, managing director of Agency Express.

"As we move in to September our outlook remains positive and we expect the usual pick up in pace."