14 September 2011

On average properties sell in 80 days compared with a national average of 110 days.

Properties for sale in the South-East of England are selling more quickly than anywhere else in the UK, outside of London, with the average home between April and June remaining on the market for 80 days compared with the national average in the same period of 110 days.

 

Data from the Move with Us Residential Market Review Quarter Two 2011 reveals that properties in this popular area are selling a month faster than the UK average and almost three months faster than properties in the North-East of England.

 

Homeowners with properties for sale in towns and cities across the South-East, including Bournemouth, Southampton and the Isle of Wight, on average achieved almost 97% of the asking price in June. This resilient market has improved since the beginning of 2011, when sellers were already achieving 95% of the asking price.

 

The Move with Us Residential Market Review Quarter Two 2011 is produced in conjunction with Home.co.uk. Information from more than 3,500 property sales completed by Move with Us together with data derived from around 800,000 property listings from Home.co.ukis analysed. The latest report covers sales in the second quarter of 2011 along with comparative data from the previous quarter.

 

Ben Greco, group economist for Move with Us, says: “The South-East continues to be a popular area for buyers and as a result the market in this region has remained buoyant over the last six months. The property market in this corner of the UK has coped well through the recession and property remains a relatively safe bet for home buyers.”

1.     The Move with Us Market Review has been compiled using the statistics for over 3,500 property sales completed by Move with Us and data derived from around 800,000 property listings supplied by Home.co.uk covering sales in the first six months of the year.

2.     The 3,500 Move with Us sales were residential property sales on behalf of UK mortgage lenders, solicitors, probate practitioners and house builders in the last six months.

3.     The figures from Home.co.uk are calculated every month using around 800,000 UK property listings found in the Home.co.ukProperty Search Index. This figure represents the majority of the property for sale on the open market in the UK at any given time.

4.     The average house price data is also published as the Home.co.ukAsking Price Index (HAPI) which is produced in association with Calnea Analytics: the statistical consultancy responsible for the production of the official Land Registry House Price Index.

5.     The HAPI is the UK’s only independent forward market indicator as it is based on asking price data which means the index can provide insights into price movements around five months ahead of mortgage completion and actual sales data – thus making it the most forward looking of how price indices.

6.     Average asking price and percentage of asking price achieved at sale show how buyers and sellers are setting and agreeing changes to prices in the market – house prices below £20k and above £1m are excluded from the calculations.

7.     Average days to sell represents the median number of days needed for all vendors to sell a residential property and demonstrates the relative strength of the market based on how quickly buyers act when agreeing to purchase.

8.     The number of new listings represent the majority of all new properties listed by estate agents each month.

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