Tentative good news for the UK property market came in March as the overall market showed welcome signs of improvement. Data from the Move with Us Market Review showed that the average asking price was the highest seen in recent years, climbing 1.2% since January. Around 117,000 new properties came to the market in March, 125% more than in December 2012, reaching levels not experienced since May 2012.
Rising property prices, coupled with increasing numbers of new properties coming to the market, is an early indication of an improving market, adding further weight to national reports that the market is indeed getting better! 
This data also shows that current market is great for both buyers and sellers. Buyers have more stock to shop (that means lots of more property snooping during their lunch hour) and sellers properties will be, on average, worth that little bit more.
Here’s a rundown of how each region is performing:
Greater London
The average asking price in London has increased by over £10,000 (2.85%) to £368,357 in the last three months, despite an increased number of properties coming to the market 
which would typically place downwards pressure on prices. Sale times for residential property in Greater 
London are 40 days faster than the national 
average in March and remain among the fastest in the country.
South East
Although the average asking price dipped in January to £295,798, perhaps in reaction to an 
increased number of new properties, by 
February it seems the market had adjusted to higher competition amongst sellers with asking prices surpassing the level seen in October 2012 (£296,929). By the end of March, the 
average asking price had increased by over 1.4% to £299,934, £4,000 more than in January 2012. The South East maintained its position as the largest regional housing market in 
England in Q1 2013.
Yorkshire & Humber
Despite the increase in supply with around 4,900 more properties coming to the market in March than December, the average asking price in the region increased throughout 
Q1,suggesting optimism from sellers and perhaps signifying an improving market. The first quarter ended with the average asking price at £168,145, the highest since October 
2012. 
South West
The average asking price in the South West fell significantly in January to £253,524 as the number of new properties surged. However, prices recovered each month in Q1, reaching 
an average of £255,976 in March, 8.9% above the national average.
East Anglia
East Anglia had a positive quarter, ending Q1 at £251,519, the highest average asking price seen in recent years. Although the average time required to sell residential property 
increased  overall in Q1, in March timescales decreased and if this trend continues, East Anglia will have 
adjusted to rising prices and increased 
competition amongst sellers signifying a 
flourishing market.
North East
As the number of new properties coming to the market increased in January, prices typically reduced in the North East region. Prices rose in March, similar to January’s figured 
but remained at lower levels than seen in Q4 2012 indicating that the North East didn’t initially take to the increased competition from new properties 
coming to the market until the average asking price reached £152,350 in March.
East Midlands
Average asking prices in the East Midlands 
increased incrementally in the first quarter of 2013, close to the overall trend for England. Prices returned to an average of £175,286 at the end of Q1, which could be a very 
early indication of an improving market.
West Midlands
The average asking price reduced marginally in January compared to December 2012, most likely as a reaction to increased competition from new properties. Despite the average 
asking price rising in February and March, the first quarter ended with prices at an average of £189,762, a similar level to that seen in October 2012.
North West
A rise in new properties coming to the market naturally causes a reduction in price and the North West has followed this trend. In March, there were over 7,700 (127%) more new 
properties coming to the market than in 
December 2012. However prices reduced only marginally and stood strong for most of Q1, which in the face of such a sharp upturn in new properties indicates a robust market. 

Average prices remain at around £171,000 in March, a fall of less than 0.3%

 

 

 

 

 

from December 2012.

House prices increasing

How much has your house increased by?

Tentative good news for the UK property market came in March as the overall market showed welcome signs of improvement. Data from the Move with Us Market Review showed that the average asking price was the highest seen in recent years, climbing 1.2% since January. Around 117,000 new properties came to the market in March, 125% more than in December 2012, reaching levels not experienced since May 2012.

Rising property prices, coupled with increasing numbers of new properties coming to the market, is an early indication of an improving market, adding further weight to national reports that the market is indeed getting better! 

This data also shows that current market is great for both buyers and sellers. Buyers have more stock to shop (that means lots of more property snooping during their lunch hour) and sellers properties will be, on average, worth that little bit more.

 

Here’s a rundown of how each region is performing:

Greater London

The average asking price in London has increased by over £10,000 (2.85%) to £368,357 in the last three months, despite an increased number of properties coming to the market which would typically place downwards pressure on prices. Sale times for residential property in Greater London are 40 days faster than the national average in March and remain among the fastest in the country.

South East

Although the average asking price dipped in January to £295,798, perhaps in reaction to an increased number of new properties, by February it seems the market had adjusted to higher competition amongst sellers with asking prices surpassing the level seen in October 2012 (£296,929). By the end of March, the average asking price had increased by over 1.4% to £299,934, £4,000 more than in January 2012. The South East maintained its position as the largest regional housing market in England in Q1 2013.

Yorkshire & Humber

Despite the increase in supply with around 4,900 more properties coming to the market in March than December, the average asking price in the region increased throughout Q1,suggesting optimism from sellers and perhaps signifying an improving market. The first quarter ended with the average asking price at £168,145, the highest since October 2012. 

South West

The average asking price in the South West fell significantly in January to £253,524 as the number of new properties surged. However, prices recovered each month in Q1, reaching an average of £255,976 in March, 8.9% above the national average.

East Anglia

East Anglia had a positive quarter, ending Q1 at £251,519, the highest average asking price seen in recent years. Although the average time required to sell residential property increased  overall in Q1, in March timescales decreased and if this trend continues, East Anglia will have adjusted to rising prices and increased competition amongst sellers signifying a flourishing market.

North East

As the number of new properties coming to the market increased in January, prices typically reduced in the North East region. Prices rose in March, similar to January’s figured but remained at lower levels than seen in Q4 2012 indicating that the North East didn’t initially take to the increased competition from new properties coming to the market until the average asking price reached £152,350 in March.

East Midlands

Average asking prices in the East Midlands increased incrementally in the first quarter of 2013, close to the overall trend for England. Prices returned to an average of £175,286 at the end of Q1, which could be a very early indication of an improving market.

West Midlands

The average asking price reduced marginally in January compared to December 2012, most likely as a reaction to increased competition from new properties. Despite the average asking price rising in February and March, the first quarter ended with prices at an average of £189,762, a similar level to that seen in October 2012.

North West

A rise in new properties coming to the market naturally causes a reduction in price and the North West has followed this trend. In March, there were over 7,700 (127%) more new properties coming to the market than in December 2012. However prices reduced only marginally and stood strong for most of Q1, which in the face of such a sharp upturn in new properties indicates a robust market. 

Average prices remain at around £171,000 in March, a fall of less than 0.3% from December 2012.

 

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