The number of UK-wide residential properties achieving ‘Sold’ status fell by just -1.2% in November, whilst new ‘For Sale’ listings fell against the previous month by -7.3%, according to the latest figures from the Agency Express Property Activity Index.
The figures recorded for November 2012 show the lowest month-on-month seasonal drop in both new ‘For Sale’ and ‘Sold’ properties since the Property Activity Index began in 2007.
For properties achieving ‘Sold’ status during November, six of the 12 regions covered by the Index showed month-on-month increases for November against October, with the hot-spots being the North East – up 44.1%, the North West – up 15.3%, Scotland – up 5.4%, South West – up 4.0% and Central England – up by 3.2%.
This compares to London – down 9.9%, East Anglia – down 9.4%, the South East – down 7.1%, the East Midlands – down 4.8% and the West Midlands – down by 4.3%.
Agency Express said year-on-year comparisons for November 2012 v November 2011 show 10 of the 12 UK regions with positive trends for the number of properties ‘Sold’ with many generating double-digit growth such as the South East – up 37.4%, the West Midlands – up 34.3% and the South West – up 30.8%.
11 of the 12 UK regions covered within the Index showed month-on-month decreases in new ‘For Sale’ listings during November with the worst performers being the North East – down by 23.8%, the South East – down 18.6%, Wales – down 14.0% and the West Midlands – down 13.3%. Year on year comparisons for November 2012 v November 2011 show 11 of the 12 UK regions with positive trends for the number of new ‘For Sale’ listings with several generating substantial double-digit growth such as the North West – up 48.2%, the South West – up 43.8% and the South East – up 41.8%.
When looking at towns and cities, the nation’s hot-spots were York, with an increase of 36.5%, Newcastle – up 36.2%, Bristol – up 36.1%, Oxford – up by 32.0% and Manchester – up by 17.8%. The towns and cities that performed worst month-on-month for properties ‘Sold’ were Coventry – down by 43.7%, Brighton – down 33.3%, Nottingham – down 30.1% and Southampton – down 19.4%.
“We would normally expect to see a much greater seasonal drop in market activity in November from October, so these figures are surprisingly good news, particularly if you compare the year on year trends since we started monitoring the market in 2007,” said Stephen Watson, managing director of Agency Express,.
“There is also supporting evidence and a further sign of an upturn in the market with mortgage approvals hitting a 10-month high.
“There are significant regional variations within the Index however, which indicates that the underlying economic factors affecting the market such as the continued economic uncertainties both in the UK and Europe have not gone away, so I am cautiously optimistic about these set of figures and as always, if confidence increases, so too will market activity.”
