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Better weather brings higher property prices in the UK as property buyers come out to play.
Research carried out by national estate agent, Springbok Properties, has found that property selling prices get better as the spring and summer come in.
The agent analysed sold price data from Land registry and looked at the difference in price achieved over the four seasons, to see what impact rising temperatures have on the price that buyers pay for property.
Unsurprisingly they found that spring and summer generate better selling prices for property in the UK, as it is no secret that the warmer weather and longer evenings bring a spike in market activity. The seasonal changes also bring a higher average sold price.
In winter last year the average sold price was £291,810, increasing to £293,347 as spring arrived. This then increased further to £301,321 over the summer season before falling to £289,833 during the autumn.
Not only seasons, but temperature seems to play a part also in generating better property prices.
The data showed a direct correlation with prices cooling between January and February as the average temperature also cools. Then between February and July consistent increases in the average monthly temperature also coincide with consistent increases in the average sold price of property. Then as the temperatures begin to cool from August through to December, so too does the average sold price.
Founder and CEO of Springbok Properties, Shepherd Ncube, said: ‘The seasonality of the national property market is widely discussed as patterns of buyer and seller behaviour dictate market activity and ultimately the price achieved. However, it seems that something as external to the property as temperature itself also has a direct correlation.
‘With spring now officially sprung, we should start to see the Brexit price growth freeze thaw, but for those that remain sat on the fence until a higher degree of certainty returns to the market, holding out until summer could see them achieve that little bit extra as temperatures continue to rise.’