House sales highest for three years
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The number of houses sold in December 2010 was the highest figure for three years, the latest Agency Express Property Activity Index shows.
It shows that despite a fall in a 26.7% monthly fall in UK house sales compared to November, the number of sales agreed was up 8.2% on last year.
There was a 41.3% decrease in properties up for sale in December compared to November – the fourth consecutive monthly fall.
Stephen Watson, managing director of Agency Express, says: “The contraction in supply of houses on the market could mean that there will be a stabilisation of house prices after the recent falls that may lead to renewed confidence returning to the market.
“With the impacts of the government’s austerity measures still to be fully felt in the economy, the increase in VAT and the expected continuation of very low interest rates, 2011 will undoubtedly be another interesting year for the property and mortgage markets.
“January has traditionally seen a significant uplift in properties being put on the market so we will be closely monitoring the findings of our Index for signs of evidence of an increase in activity over the next few weeks.”
The North East, Wales and Central England fared best in December for house sales with falls of 13%, 18.8% and 19.6% respectively.
The worst hit regions were Scotland down 36.6%, Yorkshire down 35.2% and the South East down 30.7%.
Milton Keynes was the only UK city not to see a fall in the number so sales agreed in December seeing the same level as November’s.
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