Figures from the Agency Express Property Activity Index showed the UK real estate market is already exiting the winter lull. January showed encouraging signs of growth, and this has been backed up by figures for February.
The number of properties sold in February increased substantially compared to January, and although this is only to be expected, records show the property market has gradually been picking up since 2010. Data from 2010 to 2011 showed an 8% increase on the properties sold, while figures from 2011 to 2012 are even better, showing an increase of 16.5%. These encouraging signs show that financial institutions and lenders have been proactive in the property market, ensuring it’s adapting to the current needs of buyers in the UK.
Regional month on month figures showed the property market in central England is continuing to thrive, as the number of properties sold continued to increase from 11.7% to 46.9%. However the number of properties coming onto the market has slowed by 30%. It’s a similar picture in East Anglia, as the number of properties sold has increased by 60%, although there are still new properties coming onto the market in this region. Figures for Wales showed the region made its first increase for four months on properties sold. It was a similar picture in the North East, although the number of new properties coming onto the market has been minimal which may slow down sales during the coming months. The property market in Scotland is also recovering as sales have increased by 52.5% for the first time this year.
Stephen Watson, managing director of Agency Express commented on these figures saying:
“Figures from February’s Property Activity Index Report have in main reported positively across the nation. Towards the end of 2012 many regions were hit early on by the seasonal downturn 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 the property market will remain stable.”
Agency Express is the UK’s leading provider of estate agency board services. It 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. It’s now the UK’s largest ‘For Sale’ board company, with one in four boards being erected and serviced by an Agency Express franchisee.