The long-held belief that the UK property market cools during the summer months is being challenged by new analysis from estate agency Yopa, which shows that summer is, in fact, one of the busiest times of year for both mortgage approvals and property transactions.
Yopa examined market data spanning the last four years and found that, contrary to popular opinion, the summer season has consistently ranked among the most active periods for homebuying activity.
Over the past two years, summer has topped the table for mortgage approvals, outperforming both autumn and winter. In the two years prior, it ranked second only to spring.
When it comes to completed property transactions, summer has also proven a strong performer – recording the second-highest volume in each of the last three years, narrowly behind autumn. In the preceding year, summer was the most active season for transactions overall.
KEY WINDOW
The figures suggest that the perceived summer lull — often attributed to holidays, school breaks, and good weather — may be more anecdotal than evidence-based. In fact, many of the sales that complete in the typically busy autumn months are likely to have been initiated during the summer, further reinforcing its importance in the housing calendar.
The findings offer a timely reminder that summer remains a key window of opportunity for buyers and sellers alike, despite assumptions that market activity dips during the warmer months.
INCREASED BUYER ACTIVITY
Steve Anderson, Yopa’s National Franchise Director, says: “It’s clear that the idea of a summer property slowdown is nothing more than a myth and, in reality, the summer season is actually one of the busiest times for the UK property market.
“Not only do more buyers enter the market in the lead-up to, and during the summer season, but more transactions naturally complete as a result of this increased level of buyer activity.
“But whilst summer may be extremely busy, the momentum that builds throughout the season tends to carry through to the autumn months. So for those sellers who may not secure a buyer this summer, the chances are they won’t have to wait long before they can make their move.”
