Summer selling market seeing 'resilient climate': MAB

Although MAB says it hasn't seen a ‘spring surge’ in terms of completions, growth is still evident due to buyer demand.

Its data found that sellers who are 'most realistic about their asking price' are succeeding in finding a buyer quickly, although in some areas higher selling prices are still being agreed, leading to a variable picture.

Encouragingly, first-time buyer prices are remaining stable, and MAB says "affordability at this end of the market is one trend that many will hope continues over the coming months".

Brian Murphy, head of lending at Mortgage Advice Bureau, commented: “June appeared to be consistently busy in many regions, with members of the network observing a solid number of buyer enquiries, regardless of the distractions of certain major sporting events and a heatwave. In particular, Yorkshire, Scotland and the Midlands saw a very positive market, with motivated movers at all levels. However, continuing the theme of the fragmented market that we’ve seen for a few months now, other areas, such as London and the South East saw activity levels continue to tick over, but at nowhere near the levels seen in other parts of the UK.

"Overall, house price growth is still positive, although the year on year increment is modest as was also reported by other major indices such as Nationwide and Halifax. Transaction volumes have also remained relatively steady over the last few months, as reported by HMRC, so whilst we’ve not seen a late ‘spring surge’ in terms of completions, one might suggest that the end of the first half of this year has seen the market perform to expectations and as such, remains in a positive position.

"In summary, we would suggest that the UK property market is entering the second half of the year in a resilient climate. Growth, whilst modest in some parts, is still evident due to buyer demand and confidence in bricks and mortar would appear to be, for many consumers at least, unruffled by ongoing political debate.”