Property Price Market Update December 2009
Quick snap shot:
The data this month is fascinating as it includes expert analysis of what happened in the market last year - even if few of our experts predicted it, they do at least understand why the market stabilised.
2009 saw a 'balancing' of supply and demand and hence the price falls predicted didn't happen. Supply is still remaining tight in 2010, but we are seeing a slowdown in demand. Cash rich first time buyers seem to be 'disappearing' and the number of buyers signing up is steadying as are the number of properties agents are selling (approx 8 per month).
Need an independent valuation of your home? or one you want to buy? Then contact us on 0845 838 1763 or email enquiries@designsonproperty.co.uk to find out how we value properties.
Read Kate's Summary of 2009
Read Kate's Predictions for 2010
What's Happening in my Area?
"Property markets" really operate within a three mile radius as 80% of people buy property locally (in most areas) so national stats don't really help us understand what's happening in our own area.
December's data shows an amazing difference in property markets up and down the country. for example, London is showing a 3.5% growth year on year, while Barking and Dagenham are showing prices falls of OVER 18%!
Looking at the data in more detail, areas that are desirable, whereever they are in the country are steadily increasing their prices, mostly due to demand being higher than the supply. Other areas are still in dire straits and these are typically areas which are being regenerated, have high unemployment and are the sort of places people 'have' to live rather than 'aspire' to live.
To see what's happening in your local area, we use For Sale Sign Analysis's data which tracks the number of properties sold versus for sale. This is a great way of 'watching' your own market. Just pick a street with 10 boards, then add up how many are for sale versus sold. Anything below 4/10 sale boards shows a below average performance, anything above 4/10 shows a good performance. In some really attractive areas for example, there are six sold boards to every 10 properties for sale/sold.
Click here for Best Performing Areas
Including: Edmonton, Crowborough and Canterbury.
Click here for Average Performing Areas
Including: Faversham, Billericay and Ashford.
Click here for Worst Performing Areas
Including: Gainsborough, West Bromwich and Cheadle.
Want FSSA data for your particular area? Then call 0845 308 2004 or email enquiries@designsonproperty.co.uk
The Independent also published a great article by Rob Griffin on which areas are likely to recover! You can compare this to Savills in depth Residential Focus Report which also predicts areas that will recover first and what regional growth can be expected over the next ten years.
Best Performing Areas
Town | Percentage of Sold versus For Sale Boards |
Edmonton | 61.6% |
Welwyn Garden City | 56.4% |
Winchester | 55.9% |
Bromley | 53.5% |
Harlow & Church Langley | 51.6% |
Canterbury | 51.4% |
Westbury & Filton | 50.2% |
Walthamstow | 48.7% |
Borehamwood | 48.6% |
Welling / Barnehurst / Bexley Heath | 48.6% |
Crowborough | 48.0% |
Average Performing Areas
Town | Percentage of Sold versus For Sale Boards |
Kingsteignton | 40.0% |
Faversham | 40.8% |
Meopham | 41.2% |
Uckfield | 41.4% |
Portsmouth & Southsea | 41.7% |
Ashford (Kent) | 41.8% |
Staplehurst | 41.9% |
Billericay | 42.5% |
Hythe (Southampton) | 43.5% |
Havant | 43.6% |
Andover | 43.8% |
Romsey | 43.9% |
Worst Performing Areas
Town | Percentage of Sold versus For Sale Boards |
Gainsborough | 4.1% |
Scunthorpe | 6.3% |
St Helens | 11.4% |
Doncaster | 11.6% |
West Bromwich | 11.7% |
Oldbury | 12.2% |
Allerton | 12.8% |
Wigan | 13.1% |
Seaton Delaval | 13.5% |
Cheadle | 14.4% |
Boston & Villages | 14.8% |
