October's Property Market Slows

Online, November 11, 2013 (Newswire.com) - Month-on-month data recorded by the index reports that the number of UK wide residential properties achieving 'Sold' status has decreased by 4% from last month figure and new listings 'For Sale' has also decreased against the previous months figure dropping by -15.7%. Interestingly, although we have experienced a robust property market throughout 2013, month on month data shows that October 2012 saw a higher number of properties achieving a 'Sold' status recording only a 0.7% drop. However data recorded by the Property Activity Index, calculated over 3 month rolling basis shows that on average the number of properties 'sold' is up by 4.5% giving a positive end to one of this year's slower months.

Regional figures recorded by the Index show this month's top performer to be The North West. Recording a 20.8% rise in property sales within the last month this is their second best month and largest rise since earlier this year in February when they recorded a rise of 24.1%. East Anglia remain steady with a 2.4% increase in properties achieving 'Sold' status, followed by Central England, a consistent performer reporting a 0.8% increase in October and only one month of declines (April -2.9%)

For the rest of the UK the seasonal slowdown took more of an effect. Month on month data reported by the Property Activity Index showed declines in properties 'Sold' for the following regions: The East Midlands -4.3%, The North West -5.3%, Scotland -23%, The South East -4.5%, The South West -5.7%, Wales -20%, The West Midlands -5.9%, Yorkshire & Humberside -15.6% and London -8.0%

All 12 UK regions covered within the Index showed month-on-month decreases in new listings 'For Sale' during October against the previous month figures. Regions recording the biggest declines were, London 28.2% The North East down by 24.4%, Scotland -23.1% and Central England down by -21%.

Agency Express Comments: Stephen Watson, Managing Director of Agency Express said: In the face of a strong September and the industries excitement in the early announcement of the 'Help to Buy' scheme it is easy to forget that seasonal downturn is normal. It is important to remember that property market now has confident consumers wanting to invest and the banks ready to facilitate. Although we now might see a winter lull I am optimistic that the previous month's robust activity will resume.