November sales hold strong

This month’s Property Activity Index reports an unseasonal increase in properties sold across the nation with figures rising from -0.4% to 2%. This rise could indicate the growing consumer confidence in borrowing, to which the banks are rising to the demand. This is evident in recent data released by the Bank of England where they reported mortgage approvals had reached a 6 year high. However with the Bank of England announcing its withdrawal from the ‘Funding for Lending’ scheme for mortgage lending and that 2014 onwards the funding will be specifically for business lending, it will be interesting to see how the 2014 property market fairs as mortgage rates start to increase.

 Month-on-month data recorded by the Property Activity Index highlights an increase in properties achieving ‘Sold’ status for 7 of the 12 regions recorded. Top performer the West Midlands climbed 16.2%, closely followed by the East Midlands recording a 12.7%. Both regions recording record highs for this month since the Property Activity Index’s first records in 2007.

Further regional hotspots for properties achieving ‘Sold’ status include: The North East up by 8.4%, Scotland up by 6.5%, the South East up by 5.7%, the South West up by 7.9% and finally Yorkshire & Humberside up by 7.6%.

Slower activity was recorded for the rest of the UK. Month on month data reported by the Property Activity Index showed declines in properties ‘Sold’ for the following regions: East Anglia -5.8%, the North East -0.7%, London by 1.0% and the largest decline was recorded for Wales at -7.2%.

Looking at properties coming on to the market  national figures have increased by 4.5% and London leads the way with a robust 62.7%, their best figure recorded since 2008. Many regions however saw a slower month; the largest fallers were Scotland by -18.5% and East Anglia by -13.3%.  Upcoming months may report interesting for Scotland, the Property Activity Index has shown slow activity on new listing ‘For Sale’ since June, while in recent news lending in the region has been reported to hit its highest levels since 2008.

Agency Express Comments

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

This month’s figures from the Property Activity Index are buoyant when compared to previous years. The index highlights the incremental growth we have had over the past two years and the market continues to thrive. We anticipate quieter month’s throughout winter so for regions to achieve growth during this period it only highlights the current confidence and continued demand in the market.  Looking forwards with recent news of the retraction of the ‘Funding for Lending’ scheme it will be interesting to see if the market remains full steam ahead and at a sustainable rate, or if it starts to level at the prospect of a raise in interest rates.

 

Monthly % Changes for November 2013

% Changes for Sep - November 2013

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
Nov 13Nov 12Nov 13Nov 12
NATIONAL-2.1-7.32-1.2
Central England4.5-7.1-2.63.2
East Anglia-13.3-11.7-5.8-9.4
East Midlands5.4-1012.7-4.8
London62.7-2.3-1-9.9
North East3.9-23.88.444.1
North West-11.713-0.715.3
Scotland-18.5-12.96.55.4
South East9-18.65.7-7.1
South West-6.9-4.77.94
Wales-5.4-14-7.2-2.6
West Midlands-4.5-13.316.2-4.3
Yorks & Humber-11.5-2.27.60.9
New ListingsProperties Sold
Sep -
Oct 13
Sep -
Nov 12
Sep -
Nov 13
Sep -
Nov 12
NATIONAL-2.7-2.74.53.3
Central England1.1-2.94.26.6
East Anglia-4.2-4.92.3-0.9
East Midlands0-1.97.61.6
London19.9-0.24.24.6
North East-2-2.47.323.1
North West-6.65.46.18
Scotland-8.3-8.2-1.9-1.8
South East0.9-1.47.25.3
South West-8.7-177.7
Wales-5.1-9.6-1.43.3
West Midlands-2.4-3.312.20.3
Yorks & Humber-6-1.31.83.4
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