UK property market bounces back in October

The UK’s residential property market bounced back in October according to data released from the Agency Express Property Activity Index.

The number of properties achieving ‘Sold’ status in October grew by +7.5% compared to September 2011 and the number of new ‘For Sale’ listings recorded month on month also showed an increase, up +0.8%.

Regionally, the growth signs were evident with seven out of the twelve regions showing positive increases for the number of properties ‘Sold’ in October against the previous month.

London topped the table for hot-spots, up +29.4% on September, followed by the West Midlands, up +28.8% and Central England, up +12.1%. The overall number of properties ‘Sold’ in October 2011 was also up +2.8% against October 2010.

When it came to the regional ‘not-so-hot-spots’ for October, Scotland was bottom of the table with a drop in the number of properties ‘Sold’ down -19.9%, Wales was down -9.9% on the previous month and the North East was down -9.6% on September.

It was a similar picture regarding the number of new ‘For Sale’ listings recorded in October against September with eight out of the twelve regions generating positive month on month figures.

East Anglia topped the table for new ‘For Sale’ listings, up +6.9%, the South West was up +5.8% and the South East, up +5.5%. At the other end of the regional ‘not-so-hot-spots’ table for new ‘For Sale’ listings were the North East, down -11.5%, Scotland was down -7.7% and the West Midlands, down -3.4%.

Disappointingly, the number of ‘For Sale’ listings in October 2011 were down -1.9% on the same month in 2010 but 2011 figures were up +14.5% on October 2009.

More than half of the twenty two individual cities monitored on the Property Activity Index experienced increases in month on month house sales in October, with Milton Keynes topping the city ‘hot-spots’ with an increase of +39.3%, followed by Bristol up +35.8%, Southampton up +30.0% and Cardiff up +27.8%.

At the opposite end of the table, the cities recording the greatest decline in month on month properties ‘Sold’ in October were Colchester down -27.5%, Leeds down -19.1% and Newcastle down -15.7%.

New ‘For Sale’ activity month on month in individual cities for October saw Brighton topping the charts with an increase of +37.7%, York up +27.7% and Milton Keynes up +19.0%.

Edinburgh saw the greatest month on month decline in new ‘For Sale’ listings compared to September, down -20.2%, with Oxford down -16.1% and Carlisle down -11.9%.

Stephen Watson Managing Director, Agency Express, said:

“In recent weeks the UK property market has been drowning in negative publicity and market speculation. Our October Index is evidence that the current ingredients of low interest rates and the low supply of well presented, realistically priced properties, can be a real recipe for success.

“Whilst I believe the UK property market still has stiff challenges ahead in 2011 and 2012, these figures reveal some encouraging signs for many regions and cities across the UK and should go some way to installing a little more consumer confidence in the housing market.”

Posted on November 1, 2011 by Peter Marriott, in: Uncategorized

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