8 September 2011

The property market in the East Midlands is showing signs of improvement with asking prices increasing and properties taking less days to sell, data from the Move with Us Residential Market Review Quarter Two 2011 confirms.

 

According to the statistics, property in East Midlands counties such as: Derbyshire, Leicestershire and Northamptonshire, saw rising asking prices over the last six months, from an average marketing price in January of £170,640 to £173,284 in June.

 

The region also seemed to experience growing demand for properties. By the end of June, a property in the East Midlands took on average 87 days to sell, 13 days less than at the beginning of the year.

 

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

 

A more competitive market has shifted some of the power away from buyers in the area to sellers. In January sellers were reaching prices at sale of 92.5% of the asking price, but by June this had increased to 93.8%.

 

Ben Greco, group economist for Move with Us, says:  “Whilst demand appears to have remained steady in the region, the number of new listings has fallen. This appears to have created a more competitive environment, where buyers have to move faster and pay more to secure the property they want.”

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 created in association with Calnea Analytics: the statistical consultancy in charge 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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