News

August results from the Agency Express Property Activity Index show unusually high levels of housing market activity in most cities and regions across the UK, bucking the traditional downward summer trend. The Index, which measures the number of new 'FOR SALE' instructions and properties 'SOLD' reveals that the number of 'FOR SALE' boards instructed by estate agents in August was up 10.8% month-on-month compared to July. And although the number of properties 'SOLD' in August was down by 8.7% month-on-month compared to July, this was a much smaller decrease than traditionally experienced and was in fact up 41.8% compared to August '08.

The latest report indicates further signs of confidence returning to the housing market and an increasing demand for properties - Scotland experienced the highest number of ‘SOLD’ board instructions for 14 months and the East Midlands was similarly busy, with a 16-month high recorded.

Nine out of the twelve UK regions experienced a month-on-month increase in the number of properties 'SOLD' in August - with the East Midlands leading the way up 33% and both the North East up 13.3% and North West up 12.8% showing increases in properties ‘SOLD’ compared to July. Interestingly, it is the South which is lagging behind with the South East showing a 5.9% decrease in the number of properties ‘SOLD’ in August, with London down by 1.3%.

Stephen Watson, Managing Director, Agency Express, commented: "Traditionally, August is a quieter month for estate agents but this year we have seen a real flurry of activity in both 'FOR SALE' instructions received and properties 'SOLD'. There does appear to be a genuine feeling of confidence returning to the market and perhaps, even a suggestion that we are on the road to recovery. Although overall the number of properties 'SOLD' in August dropped from July, much of this can be attributed to the falls in just three regions - West Midlands, the South East and London - which are heavily populated areas. The 3-month rolling average was still up by 0.7% on the 3-month period ending in July and all other regions reported an increase. As much of our data is generated at the very start of the house sale process, the statistics indicate that estate agents should expect a busy autumn and a strong finish to the year."

Further results from August show that:

• Month-on-month comparisons show that Glasgow reversed the trend by out-performing Edinburgh in both the number of 'FOR SALE' signs instructed with Glasgow up by 50.5% and Edinburgh up by 47%, and properties ‘SOLD’ with Glasgow up by 138.8% and Edinburgh up by 5.7%.
• In terms of the UK cities there were signs of a North / South divide for volume of properties 'SOLD' compared to July with Glasgow up 138.8%, Manchester up 115% and Leeds up 34.5% - compared to London up 2.1%, Brighton down by 7.7% and Southampton down by 23%.
• Only 5 cities - London, Southampton, Cambridge, Carlisle, York - out of the 22 monitored by the Index showed a decrease in 'FOR SALE' signs instructed by estate agents in August compared to July.

The regions showing the best month-on-month performance in the number of 'FOR SALE' boards being put up were Scotland up 34.4%, the North East up 25.2% and Central England up 23.6%. The regions with the poorest monthly performances in the erection of 'FOR SALE' boards were London down 12%, the South East down 3.8% and Wales up 3.8%.

Hot spots for 'SOLD' boards

The three regions that have seen the greatest monthly increases in the number of boards moving to 'SOLD' in August 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 August are:

Not-so-hot spots for new listing 'FOR SALE' boards

The three regions that have seen the poorest performances in the number of 'FOR SALE' boards being erected in August are: