House Price Market Update for May 2010
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May's property market looks like we are heading into a more stabilised market for the rest of 2010, so sellers need to sell this summer, or are likely to have to drop prices by September if not sold. Sellers are either pricing their properties fairly from the start and selling within eight weeks, or they are over pricing them and then sitting on the market for weeks on end.
Currently, there is a real danger that media 'stories' suggesting property prices are on the up (which are just verbatum reports from press releases from the likes of Nationwide, Halifax etc) are causing optimistic asking prices by sellers. BE WARNED, sellers that over price will sit on the market for months. In this market, opt for the auction model - price low, get buyers to compete for your property to get the highest price!
For a more indepth analysis of what's happening to property prices in YOUR local area? READ MORE
The outlook for 2010 will depend on whether buyers have run out of cash and interest rates go up forcing repossession. READ MORE for a summary of Kate's price predictions for 2010.
Performance and commentary since January 2009:-
Click here to see our latest buying/selling articles
Headline Statistics for May 2010
Headline Statistics | Statistics | +/- | Source | Month |
Average Prices | £165,596 to £237,134 | +8.5% to +4.3% YoY | Rightmove Highest
Land Registry Lowest | April/May data |
Transactions* | 53,137* | +65.59% YoY | Land Registry | Nov to Feb 10 |
Time to Sell | 8.3 Weeks | No change from last two months | Hometrack | May |
| Number of viewings to sale | 11 | No change from last couple of months | Hometrack | May |
Offer to Market Price | 94.2% | Slight increase on last month | Hometrack | May |
% change in new buyers registering with agents | 0.5% | A decrease on previous two months | Hometrack | May |
| No of houses sold by agents | 8 | No change from last two months | NAEA | May |
| % sold to for sale boards | 30.9% | An increase on last month | For Sale Sign Anaylsis | May |
| Number of new mortgages | 49,871 | Slightly up on last month | Bank of England | April |
* Per month
Sold versus For Sale Sign Boards data*
Month 2010 | Jan | Feb | Mar | Apr | May |
Percentage
Sold | 26% | 26.4% | 25.4% | 26.5% | 30.9% |
Month 2009 | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Percentage
Sold | 16% | 12% | 17% | 19.5% | 21.1% | 28.3% | 29.5% | 30.2% | 36.3% | 27.3% | 31% | 34% | 26.7% |
*Data provided by FSSA, for more information on this data,
Contact usLinks to useful Buying and Selling Reports
Price Indices
There are at least seven property indices and other companies that comment on the property market, please checkout the links below:-
Rightmove Halifax Nationwide RICS
Communities Financial Times Land Registry Other Useful Resources
Hometrack NAEA RICS Savills Knight FrankDownload Savills Residential Property Focus
For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit
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Sylvia Tidy-Harris
STH Management Tel +44 (0) 1530 263221
Mob +44 (0) 7970 646872
Fax: +44 (0) 1530 264018
