House Property Prices - Market Snapshot

publication date: Jul 22, 2010
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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House Property Prices - Market Snapshot


Asking price data from Rightmove suggests sellers aren’t putting their properties onto the market with much of an increase year on year. According to Rightmove, the average ‘asking price’ in the UK is now £237,800, up by 5% year on year. Meanwhile, once properties have finally sold, the Land Registry is recording that sold prices are up by 8% year on year with an average price of £165,000, still down though by approximately 10% versus the heights of 2007.

Meanwhile, volume wise, the number of transactions has grown from a low of around 32,000 per month between December 2008 and March 2009, to over 50,000 a month between December 2009 and March 2010, but demand seems to be waning as the number of mortgages month on month appears to be declining and have dropped back to just under 50,000 for May 2010 (Bank of England data).

According to most property reports, the number of properties available for sale are up year on year, with Rightmove tracking around 74 properties for sale per agent (up from an all time low of just over 60 properties in January this year), while Hometrack reports “over the last four months the supply of homes for sale has grown three times faster than demand - new supply has grown 15% compared to a 4.9% increase in demand."

Kate Faulkner, Managing Director of Designs on Property comments “The picture across the UK for property markets is extremely regional and dependent on local market conditions so most ‘headline’ figures quoted in the media aren’t reflective of what’s happening for many buyers and sellers”. Designs on Property monitors data from For Sale Sign Analysis which shows that on average in a healthy property market, around 40% of estate agents' boards show a ‘sold sign’ versus 'those for sale’. The average for June is only 25%, ie for every 10 properties up for sale, 2.5 of them are sold. “Board counting is a great way of buyers and sellers being able to monitor their local market, whether by area or by individual property type such as detached or terraced” advises Kate.

The tables below show the vast difference between the number of boards sold versus for sale boards. Worst performing areas in June include Wrexham, Sutton in Ashfield and Goole, while some of the best performing areas are Watford, Hitchin and Sandwich. For the full property market analysis, READ MORE.

Best Performing Areas

Town

Percentage of Sold versus For Sale Boards

Winslow

55.9%

Princes Risborough

53.2%

Fleet

50.2%

Winchester

47.6%

Petersfield

47.1%

Thatcham & Newbury

45.2%

Watford

44.4%

Wickford

44.1%

Thame

43.2%

Chingford

43.2%

New Barnet

41.9%

Hitchin

41.6%

Sandwich

41.4%

Andover

39.9%



Average Performing Areas

Town

Percentage of Sold versus For Sale Boards

Broadstairs

35.7%

Wanstead

35.7%

Littlehampton

35.3%

South Woodham Ferrers

35.1%

Dartford

34.8%

Emsworth

33.9%

Northampton

32.4%

Luton

32.4%

Gravesend

32.2%

Great Dunmow

32.1%

Portsmouth & Southsea

31.3%

Rugby

31.2%

Wellingborough

28.3%

Chigwell

27.6%

Hythe (Southampton)

27.6%



Worst Performing Areas

Town

Percentage of Sold versus For Sale Boards

Wrexham

6.7%

Stalybridge

7.5%

Kirkby In Ashfield

8.0%

Middlesbrough

8.7%

Hyde

8.8%

Sutton In Ashfield

11.6%

West Hallam

11.6%

Selby

14.2%

Wolverhampton

14.3%

Mossley

14.7%

Hinckley

14.8%

Goole

15.1%

Whickham

15.4%

Boston & Villages

16.9%

Worksop

17.2%


For the full property market analysis, READ MORE. If you need independent advice on buying and selling in the UK, then contact Kate Faulkner and her team at Designs on Property by emailing enquiries@designsonproperty.co.uk or calling 0845 838 1763.


Need help with a property problem? Have a question? Why not call Designs on Property on 01652 641 722 or Contact Us via email.
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