House Price Market Commentary for October 2009
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Property Statistics show the buying and selling market continues to operate at "OK levels" albeit that the number of properties changing hands is still down year on year by 24%. As we move to Xmas, the number of buyers looking for property are slowing in many areas, although high demand areas seem to be continuing to sell well and at near asking prices. This is reflected in the percentage of properties sold versus for sale which show we are converting at around 31% versus August's peak of 36%. However the picture remains regional with areas such as Hartlepool and Chorley achieving less than 10% conversion while Ivybridge and Thatcham/Newbury at around 50%.
Land Registry data shows the best performing areas are in Wales with Conwy (-1.6%) and York (-4.9%) and London also showing a 3.2% fall. The worst performing areas Neath Talbot (-18.7%) Hartlepool (-18.5%) and Luton continuing to fall (-17.5%).
A lack of lending at 5-10% deposit continues to cause a aproblem, although lenders don't appear to be 'down valuing' property as much as they have been at the start of the year. READ MORE.
Performance and commentary since January 2009:-
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Headline Statistics for October 2009
Headline Statistics | Statistics | +/- | Source | Month |
Average Prices | £158,337 to £230,184 | +0.2% to -5.6% | Rightmove Highest
Land Registry Lowest | September/
October data |
Transactions* | 48,109* | -24% | Land Registry | April to July 09 |
Time to Sell | 8.4 Weeks | Decrease | Hometrack | October |
| Number of viewings to sale | 11 | No change from last month | Hometrack | October |
Offer to Market Price | 92.9% | Another slight increase from previous month | Hometrack | October |
% change in new buyers registering with agents | +1.2% | Slight increase from 1.1% last month | Hometrack | October |
| No of houses sold by agents | 8 | Down from 9 last month | NAEA | October |
| % sold to for sale boards | 31% | up from 27.3% | For Sale Sign Anaylsis | October |
| Number of new mortgages | 56,215 | An increase on last month's figure of 52,970 | Bank of England | September |
* Per month
Sold versus For Sale Sign Boards data*| Month | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct |
Percentage Sold | 16% | 12% | 17% | 19.5% | 21.1% | 28.3% | 29.5% | 30.2% | 36.3% | 27.3% | 31% |
*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 FrankFor more market commentary on a national or local level:-
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