According to the Home June Asking Price Index, key market indicators suggest a buoyant and dynamic market. This forward-looking index is based on asking price data so that the report can provide insights into price movements ahead of mortgage completion and actual sales data.
The findings show that asking prices have grown month-on-month for the fifth consecutive time, recording a 0.5% rise on average across the UK.
The total unsold sales stock for England and Wales increased again in the past month, with a current count of 485,269, the highest June total since 2014. The typical time on the market (median) for unsold properties in England and Wales is 83 days – 7 days less than in June 2019. This suggests that although the stock is up, market momentum is still relatively healthy.
While there are worries regarding the oversupply of properties on the market, perhaps resulting in a supply-demand imbalance, market activity is at its highest since the final quarter of 2018, which is a positive sign for property investment opportunities.
