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Housing Market Report

Although January is a difficult month from which to draw any conclusions following the pre-Christmas rush and both buyers and sellers eagerly waiting for the Spring the latest figures from Rightmove, the Land Registry and the Office for National statistics show.

An industry update from estate agents last month suggested that the average office had 41 homes for sale but sold just 6.

However, January is a difficult month from which to draw any conclusions.  Stock of properties available for sale is low because of the pre-Christmas rush which sees many people wanting to complete on their purchase in order to be in their new home for the festive season.  We know from Rightmove statistics that the period between Christmas and New Year is one of the busiest times of the year on their website.  Maybe because families are at home together and the possibility of a new place to live is something they get chance to discuss. 

The latest numbers from Rightmove published this week suggests that there doesn’t seem to be the shortage of homes for sale, that some blame on the current market, although what is selling does seem to be taking longer.

During the last year, sold prices in West Midlands were 3% up on the previous year and 9% up on 2014 when the average house price was £187,327.

The highest volume of sales in the West Midlands was in the semi-detached category. The most expensive area within the West Midlands was Warwickshire (£266,733) and the least expensive was Staffordshire (£180,612). 

Last week the Office for National Statistics gave us the latest details on properties that actually sold.

Whilst prices are holding up transaction volumes are down. Sales agreed after the Referendum last June will have completed in October and according to the official data they were down across England by 35%, in Wales by 26% and in Scotland by 15%.

Repossessions in 2016 were 617 in England and 53 in Wales.

The London market has been dramatically affected with the number of completed house sales falling by 44.9% to 6166 compared with 11,200 in October 2015.

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