News

The latest results from June’s Agency Express Property Activity Index shows further signs that the residential housing market is on the road to recovery. The Index, based on the volume and activity status of ‘For Sale’ and ‘Sold’ boards across the UK, reveals the number of ‘Sold’ signs instructed by estate agents in June rose to its highest level for 14-months - since April 2008 - showing a 19.2% increase on May 2009. Year-on-year there were 36.3% more sales in June 2009 than June 2008.

The region showing the greatest monthly increase in the number of boards moving to ‘Sold’ was the West Midlands, with a staggering 58.7% rise, followed by the East Midlands, with a 35.1% increase and Yorkshire with a 28.8% increase. The regions experiencing the lowest increase in sales were Wales which remained static, London where there was a 7.6% increase and the North East where 8.3% more sold signs were instructed.

Further results from June show that:

• All regions across mainland UK have experienced increases in house sales except Wales, which remained static from May
• Q1 and Q2 2009 have shown significant increases in properties sold on Q4 2008 (the lowest quarter on record) with Q1 2009 up on Q4 2008 by 35.0% and Q2 up on Q1 by 30.6%
• The number of properties sold in Q2 2009 still remains 47% down on May 2007
• The number of properties sold in June 2009 was 28.9% greater than the monthly average for 2008 but 34.0% lower then the monthly average for 2007
• The average number of properties sold per month so far in 2009 is 1.0% greater than the monthly average for 2008
• June's new ‘For Sale’ board activity is still 32.9% down on last June and 56.1% down on the highest recorded month in the last 2½ years (which was May 2007)

Another indicator that confidence is returning to the market, is the 20.4% increase from May to June in the number of ‘For Sale’ boards being erected - the fifth month out of the last six that the number of new ‘For Sale’ boards has increased on the previous month since December 2008 – the lowest recorded level.

The regions showing the greatest monthly increase in the number of ‘For Sale’ boards being put up are the East Midlands at 37.4%, followed by Yorkshire with 26.0% and London at 25.4%. The regions showing the smallest monthly rises in the erection of For Sale boards were Scotland at 2.1%, the North East at 13.9% and the South East at 15.4%.

Commenting on these result, Stephen Watson, Managing Director, Agency Express, said: “Our Index shows that there are grounds for continuing optimism that we have seen the bottom of the market. Confidence is definitely returning and we have seen a step-change in the number of properties being sold right across the UK. This in turn is likely to encourage more people to put their houses up for sale and we have certainly seen evidence of this happening already. But, we are not out of the woods yet. The number of properties sold in June is still significantly behind the monthly average we saw in 2007 and I would suggest that it’s likely to take a another couple of years for a full recovery to take place.”

Hot spots for ‘Sold’ boards

The three regions that have seen the greatest monthly increases in the number of boards moving to ‘Sold’ in June are:

Not-so-hot spots for ‘Sold’ boards

The three regions that have seen the greatest monthly decreases in the number of boards moving to ‘Sold’ in June are:

Hot spots for new listing ‘For Sale’ boards

The three regions that have seen the greatest monthly increases in the number of ‘For Sale’ boards being erected in June are:

Not-so-hot spots for new listing ‘For Sale’ boards

The three regions that have seen the greatest monthly decreases in the number of ‘For Sale’ boards being erected in June are:

For further information or to arrange an interview please contact:

Rob Davies on 01603 305822 or 07709 366310 or rob@kiss-marketing.co.uk
Denice Currie on 01603 305811 or denice@kiss-marketing.co.uk

Editor’s notes:

*Month-on-month percentage changes 2009