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House Price Market Update for October 2010

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The property market continues to be subdued in the lead up to Xmas and is likely to go very quiet over the Xmas period. For buyers and investors, it is a great time to grab a bargain, for those that are desperate to sell, unless you can drop your price to secure one of the few buyers out there, you might as well take your property off the market until January 2011.

For 2011, there is a real danger that the lack of properties for sale and a low number of buyers will end up with the market remaining very sluggish. A lack of properties for sale won't help 'kick start' the housing market. If sellers can't see a choice of properties to buy and 'doom and gloom' is constantly reported by the media, their incentive to up and move sticks is very low.

As few properties come onto the market, buyers get bored looking and as securing a mortgage continues to be tough, they will decide to 'stay put' and carry on saving until the market 'picks up'. With both buyers and sellers not keen to move forward, there is a real danger that the housing market will remain stagnant for at least another year. Good news for anyone involved in renting and letting, not so good news for anyone desperate to sell!

  • When is the right time to invest?
    If you are looking to invest for the long term, then now is a good time to buy a well researched property.
  • When is the right time to sell?
    If you are trading up, then it's worth selling now at a reasonable price if it means you can secure a property that you really want to stay in for the next 5-10 years.
  • When is the next time to buy?
    Ideally buy only if you are able to stay in the property for 3-5 years ie until the economy and lending starts to recover. Othewise it might be worth hanging on until you have a decent deposit or find a bargain property. 
  • When is the next time to Build your Own Home?
    As long as there is a recession on, self build becomes a great idea. Bargain hard on land purchases and materials!

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:-

Jan 10Feb 10Mar 10Apr 10 May 10Jun 10Jul 10Aug 10Sep 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 October 2010

Headline Statistics

Statistics

+/-

Source

Month

Average Prices

£166,769 to £236,849

+5.2% to +2.9% YoY

Land Registry Lowest
Rightmove Highest

Sept/Oct data

Transactions*

57,152*

+12.36% YoY

Land Registry

Apr to Jul 10

Time to Sell

9.6 Weeks

Up on last month

Hometrack

October

Number of viewings to sale

12

No change from last month

Hometrack

October

Offer to Market Price

92.7%

Down on last month

Hometrack

October

% change in new buyers registering with agents

-2.0%

Up on last month

Hometrack

October

No of houses sold by agents

7

No change on previous month

NAEA

September

% sold versus for sale boards

24.4%

An increase on last month

For Sale Sign Analysis

October

Number of new mortgages

47,369

A slight decrease on last month

Bank of England

September


*  Per month

Sold versus For Sale Sign Boards data*


Month 2010

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Percentage
Sold

26%

26.4%

25.4%

26.5%

30.9%

25.5%

26%

25.8%

22.3%

24.4%

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

DOWNLOAD Savills Residential Property Focus for Winter 2010

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

NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

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