Long periods of hot weather appear to have added to the traditional summer slowdown in the housing market, with more than three-quarters of estate agents expecting activity to be weaker than they would normally anticipate at this time of year.
A survey of UK estate agents commissioned by GetAgent found that 78% expect overall property market activity this summer to be below the level typically seen during the holiday period. Just 13% expect a broadly normal summer, while 9% anticipate stronger activity.
The school holidays already tend to result in fewer people entering the market. Almost two-thirds (64%) of agents surveyed said seller activity usually declines during the summer break, with 45% of those reporting a significant reduction.
Buyer demand follows a similar pattern. Some 58% of agents said they typically receive fewer new buyer enquiries during the school holidays, including 27% who described the reduction as significant.
This year, however, agents believe prolonged periods of hot weather have put further pressure on activity.
Nine in 10 respondents (91%) said particularly hot weather had reduced activity in their local property market this summer, while 55% reported a significant impact.
Property viewings appear to have been most affected, cited by 53% of agents. A further 28% identified buyer enquiries as the area most affected by the heat, while 19% pointed to seller enquiries.
Despite fewer buyers and sellers entering the market, the summer period does not necessarily mean a reduction in agents’ overall workloads.
Almost three-quarters (74%) said they remain as busy as usual, or become busier, progressing existing transactions during the summer holidays as sales agreed earlier in the year move towards exchange and completion.
Staff holidays can add to the pressure. Some 45% of respondents said annual leave makes workloads harder to manage during the school holiday period, with 27% saying reduced staffing has a significant impact on operational efficiency.
The findings suggest agents are facing a combination of the usual seasonal reduction in new instructions and enquiries, continued pressure to progress existing transactions and, this year, unusually hot weather discouraging some buyers from attending viewings.
Colby Short, co-founder and CEO of GetAgent, said: “Summer has always brought a natural lull to the property market as families head away and attention turns to the school holidays, and the prolonged hot weather we’ve experienced this year seems to be adding another layer to that seasonal slowdown, particularly when it comes to viewings and the level of buyer activity we’re seeing across the market.
“However, what’s interesting is that this isn’t necessarily translating to a lack of seller intent. At GetAgent, we’re actually seeing a healthy level of activity, with around 6,000 seller introductions delivered across our partner network in the first week of August alone.”
Short says the seasonal dip in activity should not be mistaken for a lack of genuine demand, with committed buyers and sellers continuing to transact despite fewer people entering the market.
For agents, that places greater emphasis on converting the opportunities that remain, while simultaneously managing the pipeline of sales agreed during the busier months earlier in the year.
“Those with the processes in place to respond quickly, nurture every lead and make the most of genuine buyer and seller intent will be best placed to keep their pipelines moving regardless of what the market, or the weather, throws at them,” he added.
