House Price Market Update for June 2010
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June's property market data shows a definite stalling of buying and selling a home. On average, the number of buyers looking to purchase is at best staying the same but in many areas demand is falling. Meanwhile the number of properties for sale is on the rise.
Sales volumes are up by over 50% versus last year - but still not as high as 2006 levels. Prices are 'in theory' up by 5-8% year on year, but most of this growth seems to be due to price rises in London and the increase in more expensive properties above £1 million.
According to Hometrack, "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."
It is increasingly likely that property prices will stabilise, if not fall back, for the rest of this year and as we start seeing the effect of government cuts, some areas could find property prices fall further as they fall into 'double dip' recession.
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 June 2010
Headline Statistics | Statistics | +/- | Source | Month |
Average Prices | £165,314 to £237,767 | +8.2% to +5.0% YoY | Land Registry Lowest
Rightmove Highest | May/June data |
Transactions* | 50,658* | +58.26% YoY | Land Registry | Dec to Mar 10 |
Time to Sell | 8.4 Weeks | Slightly up on last month | Hometrack | June |
Number of viewings to sale | 11 | Remains the same as the last three months | Hometrack | June |
Offer to Market Price | 94.3% | Slight increase on last month | Hometrack | June |
% change in new buyers registering with agents | 0.1% | A further decrease on previous two months | Hometrack | June |
No of houses sold by agents | 8 | No change from last two months | NAEA | May |
% sold to for sale boards | 25.5% | A decrease on last month | For Sale Sign Anaylsis | June |
Number of new mortgages | 49,815 | Slightly down on last month | Bank of England | May |
* Per month
Sold versus For Sale Sign Boards data*
Month 2010 | Jan | Feb | Mar | Apr | May | Jun |
Percentage
Sold | 26% | 26.4% | 25.4% | 26.5% | 30.9% | 25.5% |
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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