UK housing market report for November 2011
- Average number of house-hunters registered per branch continued
to decrease from 305 in October to 262 in November.
- Number of sales agreed per branch decreased, moving from an
average of 8 in October to 6 in November.
- Average number of properties available for sale per branch
decreased from 72 in October to 65in November.
- Percentage of First Time Buyers (FTBs) increased from 16 per
cent to 19 per cent between October and November.
The UK housing market in November saw decreases in supply and
demand and only slight increases in First Time Buyer (FTB) levels
signalling the beginning of the traditional slowdown as the
Christmas period nears.
Demand levels decreased for a second consecutive month, moving
from an average of 305 registered house-hunters in October to just
262 in November. This figure has not been this low for 11 months
when in December 2010, NAEA agents recorded 227 house-hunters per
branch. However, it is important to remember that this latest data
is still higher than figures recorded in November last year (2010;
Housing supply saw its first decline in two months, dropping
from an average of 72 properties available per sale in October to
65 in November. This slight contraction in the level of housing
stock should be viewed within the context of last year's figures
when, in November 2010, only 64 properties were recorded.
The number of sales made to house-hunters also decreased last
month, moving from an average of 8 per branch in October to 6 in
November which is slightly lower than year on year data (November
2010; 7). According to anecdotal evidence from NAEA agents,
uncertainty about the UK's economic outlook compounded by a muted
Autumn Statement from the Chancellor, has led many house-hunters to
be cautious about investing in property.
FTB levels showed some signs of recovery following last month's
record low, this time moving from 16 in October to 19 in November.
But the continued squeeze on consumer expenditure and continued
stringent lending measures from the banks continues to cause this
sector and consequently the wider property market to
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