Resilience in UK property market in November
04 December 2012 at 14:40
Figures for November show the lowest monthly seasonal drop in new ‘for sale’ and ‘sold’ properties for at least five years.
Data from the Agency Express Property Activity Index reflects a “surprising resilience” in the property market as UK residential properties achieving sold status decreased by 1.2% while new ‘for sale’ listings fell 7.3 p% between October and November.
These figures represent the lowest seasonal drop since the index was started in 2007.
Agency Express managing director Stephen Watson says: “We would normally expect to see a much greater seasonal drop in market activity in November from October, so these figures are surprisingly good news, particularly if you compare the year on year trends since we started monitoring the market in 2007. There is also supporting evidence and a further sign of an upturn in the market with mortgage approvals hitting a 10 month high.
“There are significant regional variations within the Index however, which indicates that the underlying economic factors affecting the market such as the continued economic uncertainties both in the UK and Europe have not gone away, so I am cautiously optimistic about these set of figures and as always, if confidence increases, so too will market activity.”
Six of the twelve UK regions covered by the index showed month-on-month increases for November in terms of properties achieving sold status.
The largest regional increase was in the North East where it was up by 44.1 %. London experienced the largest month-on-month drop, equivalent to 9.9 %.
Eleven of the twelve UK regions showed month-on-month decreases in ‘for sale’ listings during November.
The North East experienced the largest monthly drop in the number of new ‘for sale’ listings, down 23.8 % compared with October. The North West had the largest increase, up 48.2%.