Friday, December 16, 2011
Activity in the UK housing market contracted in November,
signalling the start of the traditional Christmas slowdown,
according to estate agents.
The Housing
Market Report for November showed decreases in supply of
property, demand and the number of sales.
According to the latest figures, the number of sales made by
agents decreased during November, with the average branch selling 6
properties in November compared with 8 in October. This represents
a year-on-year decrease, with an average of 7 sales made in
November 2010.
The level of housing stock also decreased, moving from an
average of 72 per branch in October to 65 in November.
The report also found that house-hunter levels dropped from an
average of 305 in October to just 262 in November per branch.
The percentage of sales being made to first time buyers
increased slightly compared with October, moving from 16 per cent
to 19 per cent in November.
Wendy Evans-Scott, President of the NAEA said: "These latest
figures indicate that the seasonal slowdown has already begun.
Traditionally, activity does contract as house-hunters focus on
events at Christmas with a view to picking up the search in the New
Year.
"But the muted Autumn statement from the Chancellor has added to
an already gloomy economic outlook. That said, regional variations
do remain, and some agents have reported a flurry of interest from
house-hunters hoping to secure a deal fast before the festivities
begin.
"The publication of the Housing Strategy, which made concessions
for the crucial first time buyer market is welcome news, but these
proposals will inevitably take some time to have an
effect."