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House Price Market Update for February 2010

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Well the doom mungerers are out in force this month! January's data suggested the market was 'wobbling' while February data suggests it's on the slide. The double dip everyone is questioning certainly looks that bit more likely - but that's only if you take the property price reports as a measure of what's happening in the market.

The truth is that the market reports are all basing their figures versus Feb 2009 which was when we had a real uplift in the market for the first time since 2007. So effectively we are comparing an 'average' month for Feb 2010 versus an above month of activity in Feb 2009, so of course it suggests that things are moving 'downward' when in fact it's just a comparison of a good month versus a 'not so good month'.

This will continue to happen in 2010 and if you are buying or selling, please don't worry about these reports just
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as we will explain and help you to work out what's happening in YOUR area for YOUR personal circumstances. We aren't estate agents or financial advisors, so we can give you a truely independent views.
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The outlook for 2010 will depend on whether buyers have run out of cash, interest rates go up forcing repossession. READ MORE for a summary of Kate's price predictions for 2010.

Performance and commentary since January 2009:-

Jan 10           
Jan 09Feb 09Mar 09Apr 09May 09Jun 09Jul 09Aug 09Sep 09Oct 09Nov 09Dec 09

Click here to see our latest buying/selling articles

Headline Statistics for February 2010

Headline Statistics

Statistics

+/-

Source

Month

Average Prices

£165,088 to £229,398

+2.1% to +3.2%

Rightmove Highest
Land Registry Lowest

January/
February data

Transactions*

57,722*

-0.47%

Land Registry

Aug to Nov 09

Time to Sell

8.4 Weeks

A slight decrease on last month

Hometrack

February
Number of viewings to sale11Slightly up on last month

Hometrack

February

Offer to Market Price

93.8%

A very small increase on last month

Hometrack

February

% change in new buyers registering with agents

+8.3%

An increase on last month

Hometrack

February

No of houses sold by agents6Up on previous monthNAEAJanuary
% sold to for sale boards26.4%Slightly up on January

For Sale Sign Anaylsis

February
Number of new mortgages48,198A decrease on last monthBank of EnglandJanuary

*  Per month

Sold versus For Sale Sign Boards data*


Month 2010

Jan

Feb

Percentage
Sold

26%

26.4%

Month 2009

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Percentage
Sold

16%

12%

17%

19.5%

21.1%

28.3%

29.5%

30.2%

36.3%

27.3%

31%

34%

26.7%


*Data provided by FSSA, for more information on this data, Contact us

Links to useful Buying and Selling Reports

Price Indices
There are at least seven property indices and other companies that comment on the property market, please checkout the links below:-

Rightmove    Halifax    Nationwide   RICS 
Communities    Financial Times    Land Registry

Other Useful Resources
Hometrack    NAEA    RICS    Savills    Knight Frank

For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:

Sylvia Tidy-Harris
STH Management                    
Tel  +44 (0) 1530 263221
Mob  +44 (0) 7970 646872
Fax: +44 (0) 1530 264018

Free Property Articles

  Nottingham Property Market Performance
  Property Investing in 2010
  Property Auction Market
  How is the new build homes market faring?
  House Price Market Update for February 2010
 
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