Property Price Market Update February 2010

Quick snap shot:

OOOOH the doom mungerers are back out in full voice this month! However, don't let the current reports panic you if you are buying and selling. Read Kate's property predictions and what you should do for 2010.

The truth is that the property price reports are comparing an 'OK' month of Feb 2010 versus a really busy month of February 2009. That's it and year on year reports are not at all helpful to your personal circumstances.

In reality we will see falls this year in areas where more propeties come onto the market than there is demand for. This will be especially true in areas where employment is high in the civil service and local authorities as they will be cutting jobs and may well have an increase in reposessions.

The trick is to work out what's happening in YOUR MARKET for the PROPERTY TYPE you want to buy. To help you understand how to work out what's happening in YOUR area:-

1. Read House Prices Explained.
2. Get in touch! We can give you an independent valuation of your home or just send an email of your circumstances (all confidential!) and we'll get back to you with our thoughts on what you need to do.

Contact us on 0845 838 1763 or email enquiries@designsonproperty.co.uk to find out how we value properties.

What's Happening in my Area? 
"Property markets" really operate within a three mile radius as 80% of people buy property locally (in most areas) so national stats don't really help us understand what's happening in our own area.

To see what's happening in your local area, we use For Sale Sign Analysis's data which tracks the number of properties sold versus for sale. This is a great way of 'watching' your own market. Just pick a street with 10 boards, then add up how many are for sale versus sold. Anything below 4/10 sale boards shows a below average performance, anything above 4/10 shows a good performance. In some really attractive areas for example, there are six sold boards to every 10 properties for sale/sold. 

Click here for Best Performing Areas
Including: Clifton/Redland, Chingford and Basingstoke.

Click here for Average Performing Areas
Including: Sutton Coldfield, Norwich and Gravesend.

Click here for Worst Performing Areas
Including: Louth, Leyland and Hale.

Want FSSA data for your particular area? Then call 0845 308 2004 or email enquiries@designsonproperty.co.uk

The Independent also published a great article by Rob Griffin on which areas are likely to recover! You can compare this to Savills in depth Residential Focus Report which also predicts areas that will recover first and what regional growth can be expected over the next ten years.

Best Performing Areas