UK property market gains moment in January

The latest report from the Agency Express Property Activity Index has highlighted a robust start to 2016, as the UK property market gained moment during January. 

National figures show buoyant month on month increases in both new listings ‘For Sale’ rising by 93.70% and properties ‘Sold’ rising by 31.2%.

Looking back over the Property Activity Index’s historical data, figures recorded in 2016 indicate the largest increase in activity for January since the index’s first records in 2007.

New listings ‘For Sale’

Properties ‘Sold’

January 2016  93.70%
January 2015  51.4%
January 2014  37.8%
January 2013  62.3 %
January 2012  73.1%
January 2011  36.1%

January 2016  31.2%
January 2015  1.0%
January 2014  -2.6%
January 2013  -10.2%
January 2012  -8.9%
January 2011  -7.2%

 

January’s unseasonal rise in properties ‘Sold’ may be driven by an increase in mortgage approvals throughout December. The Bank of England reported that the number of loan approvals for house purchases was 70,837 in December, compared to the average of 69,462 over the previous six months.

Looking at property market activity across the rest of the UK the robust trend continued. All 12 regions recorded by the Property Activity Index reported increases in both new listings ‘For Sale’ and properties ‘Sold’.

The most prominent performers included Wales and the West Midlands. After three consecutive months of decline Wales saw an injection of properties coming on to the market rising by 124.4% and properties ‘Sold’ also increased by 43.2%. Following the same trend the West saw new listings ‘For Sale’ rise by 126.9% and properties ‘Sold’ by 35.1%. Both regions recorded record bests for January.

The regions recording the largest month on month increases included:

Properties ‘Sold’

  • East Anglia +52.50%
  • Wales +43.20%
  • Central England +37.00%
  • South East +35.20%
  • West Midlands +35.10%
  • East Midlands +30.80%

New listings ‘For Sale’

  • West Midlands +126.90%
  • Wales +124.40%
  • East Anglia +120.40%
  • Central England +118.20%
  • South West +111.90%
  • South East +91.30%

This month’s smallest increases in properties ‘Sold’ were recorded by the North East and Scotland. Then North East rose by 4.5% and although the figure is modest in comparison to its neighbouring regions, it is their largest increase for the month since January 2013. Scotland recorded an increase of 5.4% which is a decline from January 15’s buoyant figure of 11.2%, but still robust in comparison records previous.

Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: 

A robust month for the UK property market and a great start to 2016. January has not only seen an injection of new listings, gross lending is reportedly higher now than in it was in 2008. With increased lending and the continuation of low mortgage rates were optimistic for an exciting first quarter.

Monthly % Changes for January 2016

% Changes for Nov - January 2016

New Listings
% Change over last 12 months vs Previous 12 months

Properties Sold
% Change over last 12 months vs Previous 12 months

New ListingsProperties Sold
Jan 16Jan 15Jan 16Jan 15
NATIONAL93.751.431.21
Central England118.248.8376.2
East Anglia120.468.952.57.2
East Midlands74.926.130.8-21.1
London85.555.413.919.2
North East64.271.14.5-8.1
North West73.84321.7-6.4
Scotland40.726.15.411.2
South East91.369.835.2-4.6
South West111.953.123.5-5.1
Wales124.453.143.2-1.5
West Midlands126.93835.1-10.7
Yorks & Humber74.552.129.23.3
New ListingsProperties Sold
Nov -
Jun 16
Nov -
Jan 15
Nov -
Jan 16
Nov -
Jan 15
NATIONAL-3-8.4-8.8-11.2
Central England4.3-4.2-2.2-10.3
East Anglia2.6-9.5-5.3-14.7
East Midlands-4.2-10-8.7-14.9
London-3.3-8.3-11.1-5
North East-2.5-5.2-13.2-15.9
North West-6.6-6-10.6-9.9
Scotland-16.4-14.7-21.3-9.6
South East-4.1-3.1-8-8.4
South West-1-7.9-6.3-11.8
Wales1.2-10.1-5.2-9.8
West Midlands-3.9-12.2-17.5-14.4
Yorks & Humber-4.9-8.7-10.5-11.9
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