| Market Improving |
09-Mar 10 @ 01.59 PM |
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According to Government statistics the UK officially came out of recession last quarter. With this in mind, Home Sale Network has conducted a survey among its members to identify how the property market has changed since Home Sale Network’s survey in early 2009. Focusing on buyer enquiries, sales and potential hurdles in the market, the survey results indicate that buyer enquiries and sales agreed continue to increase month-on-month in 2010.
87% of respondents saw an increase in the number of buyer enquiries in January 2010 compared to December 2009. When asked whether respondents saw an increase in the number of sales agreed in January 2010 compared to the previous month, over two thirds (67%) indicated that they had.
Asked what the single greatest hurdle for the property market was in January 2010, 10% indicated vendors had concerns about redundancy and job security and 18% cited unrealistic price expectations. Similar findings were reported in last year’s survey with 15% pointing to unrealistic price expectations and 9% indicating concerns about job security.
Interestingly, 29% indicated the lack of available mortgage finance was the biggest hurdle for the market in their local area in January 2010. This figure has significantly reduced from the January 2009 figure of 70% who cited a lack of available mortgage finance as the biggest hurdle. Furthermore, just 6% of respondents suggested the lack of available properties for sale was the biggest hurdle in January 2009. This has increased to 43% of respondents now suggesting property supply is the biggest challenge.
Aside from year on year comparisons, the January 2010 Home Sale Network survey also asked respondents about the affect January’s adverse weather conditions had on their business. Over half of respondents (55.5%) indicated snowy conditions had affected their business prospects by a quarter. A further 25.5% suggested their business prospects were affected by as much as half and a further 19% reported their business prospects had been affected by over a half.
Michael Marsh from Raine and Co, the member of Home Sale Network in Hatfield said, “Interestingly, the year on year survey comparison suggests the mortgage market is improving, with more than a 40% decrease in the number of respondents indicating mortgage availability as the biggest hurdle for the market. With over two thirds of respondents indicating the number of sales being agreed increased in January 2010 month on month and buyer enquiries also increasing, this year could be the right time to sell your house.”
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| Market Predictions |
02-Feb 10 @ 02.41 PM |
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A recent Home Sale Network survey carried out on Home Sale Network members, found the time taken to sell a property on the housing market appears to have reduced across England, Scotland, and Wales. The survey also indicates that house prices for the first quarter of 2010 could remain the same.
Recent survey respondents (85%) said the time taken to sell a property at the beginning of 2010 compared to the start of last year, has reduced, with 38% stating the time taken to sell has ‘significantly reduced’. When asked whether they think this reduction will continue during the first quarter of 2010 compared to Q1 of 2009, over half of respondents (59%) said it would.
When asked how stock levels will be affected during Q1 of 2010, 17% think levels will decrease by up to a quarter, however, over a third (35%) think stock levels will remain the same and 47% of respondents believe they will increase up to 25%.
Comparatively, the survey found 80% of respondents did not see a continued increase in buyer enquiries in December 2009 compared to the previous month. This might be seasonal or more likely it may suggest buyer enquiry levels are becoming more stable. When compared to respondents’ predictions that stock levels will either remain the same or increase by no more than 25%, it would appear the survey results support experts’ claims the property market is beginning to show signs of stabilising the balance between supply and demand.
Furthermore, the majority (63%) of respondents indicate house prices in their market will remain the same for the first quarter of 2010, suggesting similar findings to the fourth quarter of 2009 when property prices only slightly fluctuated month on month. Only 2% of respondents state house prices in their market will decrease in the first quarter of 2010 with over a third of survey respondents (33%) indicating property prices will increase over the next three months.
As a national network of selected, independent estate agents, Home Sale Network members assist buyers and sellers across the country, giving a good indication of new buyer enquiry trends and stock levels in England, Scotland, and Wales.
Tim Sell from Raine and Co, the member of Home Sale Network in Potters Bar said, “It is interesting to review the time taken to sell properties now when compared to the beginning of 2009. With the majority of respondents predicting stock levels will increase in the first quarter of this year and house prices predicted to remain broadly the same, it appears 2010 could see a positive market ahead.”
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