The UK property market is experiencing a significant slowdown this summer, with 78% of estate agents expecting activity to be weaker than typically seen during the holiday period. This downturn is attributed to the traditional summer lull, exacerbated by prolonged periods of hot weather.
A survey commissioned by GetAgent found that 91% of agents believe hot weather has reduced activity in their local markets, with 55% reporting a significant impact. Property viewings were most affected, according to 53% of agents, followed by buyer enquiries (28%) and seller enquiries (19%).
Despite fewer new buyers and sellers entering the market, 74% of agents report remaining as busy as usual, or even busier, managing existing transactions. Staff holidays are also adding pressure, with 45% of agents finding workloads harder to manage due to annual leave.
Colby Short, co-founder and CEO of GetAgent, noted that while summer naturally brings a lull, this year's hot weather is adding another layer to the slowdown, particularly for viewings and buyer activity. However, he added that this does not necessarily indicate a lack of seller intent, with committed buyers and sellers continuing to transact.