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Property Price Market Update January 2010

Quick snap shot:
January's data gives very mixed signals, with the registration of buyers down and 'sold board versus for sale boards' has also fallen. This gives the impression that the rebound in the property market might be about to go into reverse.

On the other hand, the number of mortgages, transactions and offer to asking price ratios continue to rise.

Is the Property Market going to Double Dip?

This really depends where your property is in the UK and what the demand for the property type in your area is like.

Unfortunately we are slightly obsessed as a nation with property price reports from the Halifax, Nationwide, Rightmove etc. for the first half of 2010 these reports will base what's happening versus the previous year - 2009. This time last year we saw a flurry of activity with frustrated buyers from the previous year deciding to buy and frustrated sellers from the 2008 deciding to take their property off the market and stay put. So demand went up while the supply went down - halting the fall in prices.

What will happen in 2010?
What the price reports are likely to say until the summer is that property prices and transactions are likely to be worse than 2009, suggesting a double dip.

HOWEVER, the reality will be that in some months demand will be higher than supply and in others supply will be higher than demand, so the reality of what's happening will be that the market will have 'good months' and 'bad months' this year.

Need an independent valuation of your home? or one you want to buy? Then contact us on 0845 838 1763 or email enquiries@designsonproperty.co.uk to find out how we value properties.

What's Happening in my Area? 
The only way you will really know what's happening in your area is to work it out for yourself. Local markets are reacting incredibly differently with London showing a rise of 13% and other areas showing dramatic falls. 

It's clear that areas where there is a strong local economy that has been affected but not devastated by the recession are typically on the rise and stabilised as there are still enough buyers with either the cash to purchase and/or decent levels of equity in their homes so they can still afford to move.

To see what's happening in your local area - checkout how many sold to for sale boards there are. If for your property type or the one you are looking to buy, there are 4 boards sold for every 10 for sale, or more, then it's a good market for sellers. If there are less than 4 sold boards for every 10 for sale, then it's more of a buyer's market. It's these latter areas that could well see a 'double dip' this year as there is likely to be slightly lower demand than this time last year.

Click here for Best Performing Areas
Including: Berkhamsted, Beckenham and Aylesbury.

Click here for Average Performing Areas
Including: Biggin Hill, York and Stroud.

Click here for Worst Performing Areas
Including: Ashton Under Lyne, Alfreton and Chippenham.

Want FSSA data for your particular area? Then call 0845 308 2004 or email enquiries@designsonproperty.co.uk

The Independent also published a great article by Rob Griffin on which areas are likely to recover! You can compare this to Savills in depth Residential Focus Report which also predicts areas that will recover first and what regional growth can be expected over the next ten years.

Best Performing Areas

Town

Percentage of Sold versus For Sale Boards

Berkhamsted

65.9%

Catford

48.6%

Tottenham & Wood Green

46.2%

Southville

46.0%

Greenwich

44.4%

Beckenham

44.4%

Amesbury

43.8%

Barnham

42.5%

Loughton

42.2%

Redhill

41.8%

Aylesbury

39.1%



Average Performing Areas

Town

Percentage of Sold versus For Sale Boards

Biggin Hill

28.1%

Caterham

28.7%

Stonehouse

28.9%

Rushden & Raunds & Stanwick

30.4%

Braintree

30.6%

Leamington Spa

30.7%

Solihull & Shirley

30.8%

York

31.3%

Bedford

31.3%

Brislington & East Southville

31.4%

Gloucester

32.2%

Leighton Buzzard

32.4%

Knowle & Dorridge

32.5%

Tonbridge

32.8%

Stroud

33.6%



Worst Performing Areas

Town

Percentage of Sold versus For Sale Boards

Ashton Under Lyne

7.3%

Hyde

8.8%

Stalybridge

8.9%

Sunderland

9.2%

Mossley

12.9%

Dudley

13.3%

Alfreton

16.7%

Lichfield & Rugley

18.1%

Beeston

18.1%

Newcastle West

19.2%

Coventry

19.4%

Bromsgrove

19.5%

Chippenham

19.8%

 

 

 

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