Are Seasonal Markets Back?

As I stand here in autumn 2023, in the back end of September, I wanted to ask you one question.

Are seasonal markets back?

I'm sure you'll all agree that we have been through a severely disrupted three years. It started with Brexit in 2019, and that then flowed almost seamlessly into the global pandemic and the subsequent lockdowns of the COVID crisis.

By March 2020, these events then caused some events in the economy, like the government's stamp duty relief, the furlough scheme and others.

This meant that the historic norms in the market and more specifically, the property market changed.

In normal times we would expect seasonal changes throughout the year in activity starting in January.

We often have a quiet first ten days back as people go back to work, the kids go back to school and people return to more normal rhythm of life after the seasonal exploits of Christmas.

The spring market can often see a rise in activity as the weather gets better. The number of new properties coming to market often increases at this time. Then we get to the summer. The summer lull starts in July and runs right through to August. This is where commonly lots of people take holidays.

Kids are off school and people are more focused on this rather than moving house. This doesn't really change until the kids go back to school.

In the first 7 to 10 days of September, the next change we experienced is as the Christmas season kicks in, the Christmas activity start, panto parties, family gatherings, all diverting attention away from the housing market from the second week in December onwards through into the New Year and into January.

This is how the seasonal market is usually experienced in the UK and I think that for the first time in three years we have just experienced a quiet summer.

This summer seasons felt like the great British getaway, with people traveling abroad, sometimes for the first time in three years.

Some clients have also been taking canceled holidays from previous years that have rolled over and have also even taken extended time away, maybe three, even four weeks at a time as they hadn't been able to travel in the previous couple of years.

You now need to be prepared for the headlines that come throughout the September and possibly into October from the likes of Rightmove stating that market activity has been a little slower at this point as opposed to last year.

But don't panic.

Last year was not a normal market.?

Comparing September 2021 to 2022 is not the right thing to do in isolation.

Let's see how this September goes first, and let's see if we return to a more predictable housing market rhythm before catastrophising the impact and the headlines are having on the market.

If you currently have concerns and would like to discuss the market in more detail at any point, please reach out to me or any of my team we’re happy to talk you through our live on the ground information as we see it. Thanks.