UK Housing Market Bounces Back in April
The latest figures revealed by the Agency Express 'Property Activity Index' show national growth in April for both new listings 'For Sale', rising by 5.5% for the fourth consecutive month and properties 'Sold' rising by 7.4%.
April 29, 2014 (Newswire.com) - The UK property market remains robust as the latest figures revealed by the Agency Express 'Property Activity Index' show national growth in April for both new listings 'For Sale', rising by 5.5% for the fourth consecutive month and properties 'Sold' rising by 7.4%. With home buyers now reported to be paying up to 97% of asking prices and with many sellers seeing the back of negative equity the rise in new listings could indicate a growing confidence in the 'sellers' market.
Out of the twelve regions recorded by the Property Activity Index nine reported increases in properties coming on to the market. This month's top performing region is the North West, recording their most successful April since the Property Activity Index's first records in 2007; new listings 'For Sale' rose by +23.80% and properties 'Sold' rose by 34.2%. A contributing factor to the surge of sellers and confidence in the market could be due to the regions 5.9% increase in house prices as recently reported by the Office for National Statistics. Keeping pace Central England also recorded record best increases for new listings 'For Sale' up by +17.50%.
Regional month on month data recorded by the Property Activity Index has also shown an unrelenting property market within Yorkshire & Humberside. Data shows that figures for properties 'Sold' have risen by +20.90% and figures for new listings 'For Sale' increased by +9.20%. The Yorkshire & Humberside property market has demonstrated continual strength, making consecutive increases over the last three months. Reviewing the regions performance over a rolling three month period, figures show that demand for property is increasing faster than supply, with a +29.10% increase on properties 'Sold' and +21.70% on new listings 'For Sale'.
The largest declines in this month's Property Activity Index were made by the West Midlands. After presenting strong figures last month, April's figures mark the regions first drop in three months for both properties 'Sold' by -14.5% and new listings 'For Sale' by -12.1%. However looking over a three month average the West Midlands still remains robust, properties 'Sold' up by +19.10% and new listings 'For Sale' up by +22.20%.
Commenting on the latest index results, Stephen Watson, Managing Director of Agency Express said: Month on month we see regional figures rise and fall but essentially the market continues to thrive and grow. Looking at the Property Activity Index's rolling three monthly figures you can see that all twelve regions have reported increases in both 'For Sale' and 'Sold' properties. However looking forward in to the rest of the year it will be interesting to see if the new MMR rules will affect the national 'Sold' figures and overall supply and demand issues within the property market.