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STRONG MARKET FIGURES RELEASED BY HOME SALE NETWORK
Local estate agent Larards Residential Sales says figures released today by Home Sale Network, in the National Property Market Report, for quarter four 2007, show that despite evidence of a slowing market, there are still areas of activity and growth in the UK property market.
Alisdair Bott, Associate Director for Larards Residential Sales Ltd said: “In spite of media reports of a slowing market, there are always people who need to buy and sell, because they are relocating to a new job, downsizing because their children have left home, upsizing because of a growing family, first time buyers and buyers looking for a retirement home.”
The report shows that for the final quarter of 2007 six per cent of the Network’s over 750 members reported an increase in enquiries from people looking to buy property. Regionally, East Anglia reported the greatest increase in vendor enquiries, at just over 21 per cent.
The housing market is affected a whole range of factors, but it is also influenced by the laws of supply and demand, whereby certain types of property because of their relatively low supply will remain in steady demand and vice versa. Home Sale Network’s figures reveal that in the final three months of 2007, demand for flats and apartments, bungalows, terraced and detached properties increased on the previous quarter. And, when compared to the final quarter in 2006, demand for bungalows and terraced properties have both shown a sustained increase.
Alisdair said: “In Hull and the East Riding area the properties in greatest demand are 2 and 3 bedroom along with the higher end of the market. It is important in the current market that properties are priced realistically. Correctly priced properties will attract buyers who need to move whatever the market conditions.”
The four types of property that the Network includes in the average asking price survey have all seen a drop compared to the previous quarter. However, compared against the same quarter in 2006, quarter four, nationally one bed flats, three bed semis and four bed detached properties have all seen an increase in average asking price in quarter four 2007.
Alisdair said: “In Yorkshire and Humberside the average property price in the final quarter of 2007, according to Home Sale Network’s data was £178,534. On a national level, the average price of properties sold by Network members was £232,062. Regionally, the average price of properties sold ranged from £176,073 in the East Midlands to £307,556 in Greater London.”
Home Sale Network’s managing director, Richard Tucker said: “There has undoubtedly been a slowing in the UK property market. However, as the results of our survey show, looking at the market on a national level fails to take into account the amount of regional variation not only in terms of the prices that properties are selling for but also the level of market activity.”