UK estate agents are feeling the pressure as the property market cools, with a survey revealing that three-quarters expect this summer’s activity to be weaker than usual.
Long periods of hot weather appear to have added to the traditional summer slowdown in the housing market. More than three-quarters of estate agents expect activity to be weaker than usual for this time of year.
A survey commissioned by GetAgent found that 78% expect property market activity this summer to be below normal holiday-period levels. Just 13% expect a typical 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 said seller activity usually declines during the summer break. Of those, 45% reported 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. This includes 27% who described the reduction as significant.
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This year, however, agents believe prolonged hot weather has put further pressure on activity. Nine in 10 respondents (91%) said particularly hot weather had reduced activity in their local market this summer. More than half (55%) reported a significant impact.
Property viewings appear to have been most affected, cited by 53% of agents. A further 28% identified buyer enquiries, while 19% pointed to seller enquiries.
Despite fewer buyers and sellers entering the market, agents’ workloads have not necessarily fallen. Almost three-quarters (74%) said they remain as busy as usual or become busier progressing existing transactions during the summer holidays.
Sales agreed earlier in the year continue to move towards exchange and completion. Staff holidays can add to the pressure. Some 45% said annual leave makes workloads harder to manage during the school holidays. More than a quarter (27%) said reduced staffing has a significant impact on operational efficiency.
The findings suggest agents are facing several pressures at once. New instructions and enquiries have fallen seasonally, while existing transactions still need to progress. This year’s hot weather has also discouraged some buyers from attending viewings.
For agents, the shift in buyer behavior means they must balance the incoming seasonal dip with the need to finalize deals that were struck when activity was higher. They are effectively managing a split pipeline where older transactions require attention but new interest is thinning out.
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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 said the seasonal slowdown should not be mistaken for a lack of genuine demand. Committed buyers and sellers are continuing to transact despite fewer people entering the market.
“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.
According to the report, the seasonal slowdown should not be mistaken for a lack of genuine demand. Committed buyers and sellers are continuing to transact despite fewer people entering the market. 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.
