October Property Market Update
Following on from a slowdown in the property market this summer, higher levels of both buyer enquiries and agreed sales have been reported by Rightmove. After a dip in the average asking prices in July and August, the market has bounced back over the last two months.
- The asking price of properties coming on to the market has increased by 0.9% (+2,623), pushing the average price in England and Wales to £309,122.
- In the North-West asking prices have gone up 0.8% (+1,407) to £181,442. Prices are now 3.6% higher than at the same point last year.
- The number of agreed sales has dropped 4% from the same month in 2015, however this is a rise of 6% from 2014.
National property prices
This month saw a rise in the asking price of newly marketed properties of 0.9%. The national average now sits just 0.4% below the record that was set this year in June. After a few quieter months for the market, buyer enquiries and agreed sales have slowly increased. This is a definite contributing factor to why the average price of property coming on to the market now stands at £309,122.
North-West property prices
In the North-West, prices have risen at a similar rate to the national figure at 0.8%. This puts the average price at £181,442 and reflects a 3.6% increase from October 2015. The North-West was not the only region to witness an increase. Eight out of the ten regions in England and Wales also saw a jump in market values.
Increase in agreed sales
Much of this increase is accountable to the amount of people looking to buy and a rallying in the number of agreed sales after a quiet summer. Team that with the inherent lack of supply of new build properties and prices are remaining buoyant.
The number of agreed sales has fallen 4% from last year, however they are up 6% on 2014. This is a particularly impressive figure when you take into account that at this point last year the market was encouraged by a surprise majority government decision.
Whatever the figures tell us as a whole, the property story is not consistent across the country and there is a definite north/south divide. Agents in the north of the country describe a lull for a week or two post the shock result of the Brexit vote. After this period it was a swift return to business as usual with high levels of buyer enquiries and agreed sales. Although there was a reported 11% fall in the amount of properties for sale year on year in September, the number of agreed sales rose by 3%.
By contrast in the southern half of the country the uncertainty among buyers remained for a longer period of time. It was not until September before activity was reported as noticeably picking up. The available stock for sale rose by 16% and yet the number of sales actually agreed fell by 10%.
Manchester City Centre Branch Manager Ripon Abdul commented, “September and October have been a busy few months for us here in Manchester. Enquiry levels have been coming in thick and fast, sales have been agreed and new instructions have been negotiated. From what I have seen, I fully expect that it will continue to be business as usual in the coming months.”
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