The latest results from June’s Agency Express Property Activity Index shows signs that the residential housing market in East Anglia is on the road to recovery. The Index, based on the volume and activity status of ‘For Sale’ and ‘Sold’ boards across the UK, reveals the number of ‘Sold’ signs instructed by estate agents in East Anglia rose in June by 25.5% on May’s activity – the fourth highest increase in the UK. It also found that the number of ‘For Sale’ boards that were erected in the region increased by 24.0%.
Nationally, the number of ‘Sold’ signs that were instructed rose by 19.2% to its highest level for 14 months (since April 2008). Year-on-year there were 36.3% more sales in June 2009 that in June 2008.
Further results from June show that:
- All regions across mainland UK have experienced increases in house sales except Wales, which remained static from May.
- Q1 and Q2 2009 have shown significant increases in properties sold on Q4 2008 (the lowest quarter on record) with Q1 2009 up on Q4 2008 by 35.0% and Q2 up on Q1 by 30.6%
- The number of properties sold in Q2 2009 still remains 47% down on May 2007
- The number of properties sold in June 2009 was 28.9% greater than the monthly average for 2008 but 34.0% lower then the monthly average for 2007.
- The average number of properties sold per month so far in 2009 is 1.0% greater than the monthly average for 2008.
- June’s new ‘For Sale’ board activity is still 32.9% down on last June and 56.1% down on the highest recorded month in the last 2½ years (which was May 2007).
Another indicator that confidence is returning to the market, is the 20.4% increase from May to June in the number of ‘For Sale’ boards being erected – the fifth month out of the last six that the number of new ‘For Sale’ boards has increased on the previous month since December 2008 – the lowest recorded level.
Commenting on these result, Stephen Watson, Managing Director, Agency Express, said: “Our Index shows that there are grounds for continuing optimism that we have seen the bottom of the market. Confidence is definitely returning and we have seen a step-change in the number of properties being sold right across the UK. This in turn is likely to encourage more people to put their houses up for sale and we have certainly seen evidence of this happening already. But, we are not out of the woods yet. The number of properties sold in June is still significantly behind the monthly average we saw in 2007 and I would suggest that it’s likely to take another couple of years for a full recovery to take place.”