House sales leap 136% in February
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The latest Agency Express Property Activity Index shows the number of houses sold in February rocketed by 136.6% - more than double the sales achieved in January, and were the highest level of sales achieved for almost two years.
Three regions topped the UK’s ‘hot spots’ by reporting their highest month for house sales since the market peaked in mid to late 2007. The North East saw its highest level since August 2007, London since October 2007 and the North West since November 2007.
Every region except Central England saw substantial month on month increases in house sales with the North West - 152.4%, East Anglia - 125.6%, London -123.5%, the South West- 122.6% and the South East - 120.8% all seeing sales activity more than double that seen in January.
It says without a doubt, the bad weather seen in the first couple of weeks of the year and the rush to avoid Stamp Duty at the end of December dampened January’s house sales. But the astounding increases in February sales shows reason for optimism that the property market is now climbing out of recovery at a faster pace than expected.
Stephen Watson, managing director of Agency Express, says: “After a pretty slow start to the year it appears that the British public is not prepared to sit around and wait any longer. Whilst we expected February to be a better month for house sales than January, the levels we have seen have exceeded our expectations.
“It appears that the growing economic optimism has permeated the housing market and people are making the decision to move. We are now seeing house sales nearly match those levels we last saw two years ago and the strength of activity bodes well for the coming months.”
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Readers' comments (1)
Jenny Taylier | 3 Mar 2010 11:22 am
Well, absent any actual data - 136% of what? - one is sceptical as to what this is actually telling us. Agency express supply for sale boards so presumably, they are assessing a 'sale' as instructions to affix a Sold STC sign..which might just about indicate changes in activity but probably doesn't tell us very much about actual real sales. I'd rather rely on Land Reg data before leaping about with unmitigated joy as the Housing Market rebounds from the valley of doom.
With affordability still way out of it's long term average, credit still hard to come by (might yet get worse), the uncertainty of an election, and the country dealing with long term systemic debt, I don't see any prospect of an improving housing market for at least 2 years.
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