News

The new Agency Express Property Activity Index shows clear signs that the residential housing market is in 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 May rose to its second highest level since May last year (only March was higher) - showing a 1.7% increase on April and a 123.2% increase on December 2008’s two-year low.

To back up the feeling that confidence is returning to the market, the Index also reports a 2.1% increase from April to May in the number of ‘For Sale’ boards being erected - the fourth month out of the last five that the number of new ‘For Sale’ boards has increased on the previous month since December 2008*.

Further results from May show that:

• There were 88.2% more ‘For Sale’ boards erected than in December – the lowest month’s activity on record.
• May’s new ‘For Sale’ board activity is still 44.6% down on last May and 63.6% down on the highest recorded month in the last 2 ½ years (which was May 2007).

The region showing the greatest increase in the number of boards moving to ‘Sold’ is the South-East, with a 26.8% monthly rise, hotly followed by Scotland, with a 23.2% rise. The regions showing the greatest increase in the number of ‘For Sale’ boards being put up is the East Midlands at 18.4%, followed by London with 9.5% and Yorkshire at 8.7%.

Stephen Watson, Managing Director, Agency Express, said: “The new Agency Express Property Activity Index is based on data collected since January 2007 and shows that there are definite signs of a recovery in the residential housing market. More properties are getting sold now than they have been for 12 months and more people are deciding that now is the time to put their house up for sale. Because our data is gathered from the very start of the house sale chain we’re confident it’s a good indicator of activity which will be reflected in other housing indexes in three or four months’ time.”

It’s currently taking longer than average for houses to be sold

The average time taken for a property to go from having a ‘For Sale’ sign erected to it being ‘Sold’ in May was 158 days which is the same as it was in April and the longest since data recording began in January 2007. The average time it has taken over the last 29 months is 116 days.

But it’s currently quicker than average for houses to complete

The average time taken in May for a house to go from ‘Sold’ to ‘Completion’ (when the board is retrieved) was 41 days, the second shortest time recorded. The average is 75 days.

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 May 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 May are:

Hot spots for ‘Sold’ boards

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