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House Price Market Update for January 2011

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As property expert Kate Faulkner had predicted, property prices ended up pretty much the same by the end of the year as they had at the start. Kate's short term 12 month predictions are based on economic data feeds, consumer and business surveys and by predicting what news story the media will report month on month from property survey releases.

Where is the Property Market Heading in 2011?
This is a much easier question to ask rather than answer! Up until the summer of 2011, it is likely that the media news stories will be full of doom and gloom, this in turn will damage buyers' and sellers' confidence, so few people will be buying and few selling, unless they have to.

At the moment, figures are suggesting that the start of this year won't be as successful as 2010, nor 2009. Indeed back in the 1990's recession, there was a bit of a dip a couple of years in and it seems overall the UK property market will be follwoing the same pattern this year. Volumes are already down this year versus last, indicating less confidence this year than the last two.

The second half the year will probably see news worsen. News on job losses, squeeze on disposable income from spending cuts and tax increases will continue to hit the news. All this 'doom and gloom' definitely stops people from buying and selling their homes. Some regions will suffer volume and price falls more than others. Those in the North West and East, Wales and parts of Yorkshire and Humber are likely to be hit worst by government spending cuts and job losses. 

Other areas, with high equity levels, a healthy economic recovery and where property continues to be in high demand and low supply, will continue to slowly recover this year. This includes areas such as London, Cambridge, in other words areas that are always 'pretty successful'.  

Kate Faulkner, MD of Designs on Property Ltd says "Any 'average' figures quoted by the property price surveys via the mainstream media will be completely misleading this year". Kate continues "the only market reports that will be of any use will be local market data reports that you can get from the Land Registry and Hometrack". Alternatively you can follow our local property market data and Contact Us for more information.

READ MORE - Read Kate's latest summary on the property market and find out what's happening in your area, ignore the headlines, let Kate help you work it out for yourself. READ MORE

Performance and commentary since January 2009:-

Click here to see our latest buying/selling articles

Headline Statistics for January 2011

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

 

Headline Statistics

Statistics

+/-

Source

Month

Average Prices

£163,814 to £223,121

+1.5% to +0.4% YoY

Land Registry Lowest
Rightmove Highest

Dec/Jan data

Transactions*

59,829*

-2.76%% YoY

Land Registry

Jul to Oct 10

Time to Sell

10.02 Weeks

Slight increase on last month

Hometrack

January

Number of viewings to sale

11

Down on last month

Hometrack

January

Offer to Market Price

91.9%

Down on last month

Hometrack

January

% change in new buyers registering with agents

-9.5%

Down on previous month

Hometrack

January

No of houses sold by agents

4

Down on previous four months

NAEA

December

% sold versus for sale boards

23.1%

Slightly down on last month

For Sale Sign Analysis

January

Number of new mortgages

42,563

Down on last month

Bank of England

December

*  Per month

Sold versus For Sale Sign Boards data*


Month 2011

Jan

Percentage
Sold

23.1%


Month 2010

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Percentage
Sold

26%

26.4%

25.4%

26.5%

30.9%

25.5%

26%

25.8%

22.3%

24.4%

24.8%

23.3%

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 Property Analysis

Savills Latest Property Focus Q1 2011

Winkworth's Winter 2010 Market Analysis

Knight Frank - Residential Market Update and Forecast

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

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