February's Weather Remains Cold as the Property Market Heats Up
NORWICH, England, February 28, 2013 /PRNewswire/ --- Agency Express Property Activity Index
So far the 2013 figures from Agency Express' Property Activity Index have shown some early and promising signs for the UK property market as it exits the winter lull and surpasses the usual seasonal trends.
January's encouraging signs of growth continued on in to a strong and buoyant February, heating up the property market with a national increase on properties sold by a substantial rise of 51.4%. Although increases are inevitable from January to February, national records show that since 2010 property market growth has been gaining pace. Figures from 2010 to 2011 show a solid 8% increase on property's sold and figures from 2011 to 2012 show a surprising upward trend with an increase of 16.5%. These figures reflect on how lenders and financial institutions are proactively approaching the property market and adapting to the current needs of UK buyers.
Regional month on month data recorded by the Agency Express Property Activity Index shows that the property market within Central England continues to thrive with an increase on properties sold from 11.7% to 46.9%, however properties coming on to the market have slowed down by 30%. Further increases have been recorded for East Anglia; figures recorded by the Property Activity Index have shown an upturn on properties both coming on to the market and properties sold. Property sold have grown by 60% whereas properties coming on to the market has grown by 11.2%.
Promising figures were also recorded for Wales as the region made its first increase for 4 months on properties sold up by a sizeable 87.2%, a total increase 58.2% calculated over a 6 month period. The upward turn continued in to the North East with significant increases on properties sold, up by 61%. However the region reported minimal increases on properties coming on to the market which may slow down property sales in upcoming months.
Scotland regains pace and starts to show signs of recovery from the seasonal downturn in property sales at the end of 2012, increasing by a noteworthy 52.5% for the first time this year. With the average house price rising by 0.2%, optimism in the property market has grown which could be reflective of the 15.7% increase on properties coming on to the Scottish market.
Agency Express Comments
Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express, said:
Figures from February's Property Activity Index Report have has in main reported positively across the nation. Towards the end of 2012 many regions were hit early on by the seasonal down turn and struggled to regain pace. Figures so far for 2013 have shed a very different light on the UK property market, showing us that confidence is returning. It seems the governmental measures that were set in place during 2012 to invigorate the market have done just that. Lenders continue to offer mortgage rates at all-time lows and with an expected 2% rise on the average property price the banks are optimistic that the property market will remain stable. Looking forward in to March and April it will be interesting to see if the property market maintains it robust start.
About Agency Express
Agency Express is the UK's leading provider of estate agency board services. Via a countrywide network of operating centres and specially trained board erectors Agency Express currently erect and maintain estate agency boards across the nation.
Agency Express was formed in 1998 specifically to provide a nationwide 'For Sale' board erection and management service for corporate and independent estate agencies via a network of franchisees. Today, Agency Express is the UK's largest 'For Sale' board company with one in four boards being erected and serviced by our franchisees.
'For Sale' boards can be seen on virtually every street in the UK and every one of these boards needs to be erected, changed to display 'Sold' and, finally, be removed at a time agreed with the agency when the sale has been completed. In short, a multimillion pound business, the results of which give a very visible indication of the condition of the UK residential property market.
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Stephen Watson: Founder & Managing Director of Agency Express, Stephen has 20 years estate agency experience, was instrumental in the formation of the UK's first estate agency franchise company and latterly, headed up the franchising division of Alliance & Leicester Property Services.
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Property Activity Index Website: http://www.agencyexpress.co.uk/property-activity-index/
SOURCE Agency Express Limited