9 August 2011
Northern property market shows resilience
Average asking prices in Yorkshire and Humber increase month on month to over £168,000
The average asking price for property in Yorkshire and Humber has hit £168,000 according to data from the Move with Us Residential Market Review Quarter Two 2011. Over the past six months the average asking price has increased month on month with buyers paying on average almost 94% of the asking price to agree a sale.
Properties in towns and cities in the region, including Leeds and York, were typically on the market for 180 days before being sold. In June the region experienced a slight increase in speed of sale as properties sold in less than 145 days. These statistics indicate that the region seems to have had some market improvements as the traditional summer slowdown approaches.
The Move with Us Residential Market Review Quarter Two 2011 is produced in conjunction with Home.co.uk. Information from more than 3,500 property sales completed by Move with Us together with data derived from around 800,000 property listings from Home.co.ukis analysed. The latest report covers sales in the second quarter of 2011 along with comparative data from the previous quarter.
Ben Greco, group economist for Move with Us, says: “Our data indicates that the property market in Yorkshire and Humber is proving to be robust, in fact it is the only region to see an increase in the average asking price in June.”
1. The Move with Us Market Review has been compiled using the statistics for over 3,500 property sales completed by Move with Us and data derived from around 800,000 property listings supplied by Home.co.uk covering sales in the first six months of the year.
2. The 3,500 Move with Us sales were residential property sales on behalf of UK mortgage lenders, solicitors, probate practitioners and house builders in the last six months.
3. The figures from Home.co.uk are calculated every month using around 800,000 UK property listings found in the Home.co.ukProperty Search Index. This figure represents the majority of the property for sale on the open market in the UK at any given time.
4. The average house price data is also published as the Home.co.ukAsking Price Index (HAPI) which is produced in association with Calnea Analytics: the statistical consultancy responsible for the production of the official Land Registry House Price Index.
5. The HAPI is the UK’s only independent forward market indicator as it is based on asking price data which means the index can provide insights into price movements around five months ahead of mortgage completion and actual sales data – thus making it the most forward looking of how price indices.
6. Average asking price and percentage of asking price achieved at sale show how buyers and sellers are setting and agreeing changes to prices in the market – house prices below £20k and above £1m are excluded from the calculations.
7. Average days to sell represents the median number of days needed for all vendors to sell a residential property and demonstrates the relative strength of the market based on how quickly buyers act when agreeing to purchase.
8. The number of new listings represent the majority of all new properties listed by estate agents each month.
About Move with Us:
We are one of the UK’s leading property experts, as we deliver simple and effective services to help customers buy a home. Our trusted and professional services are second to none.
Based in Cambridgeshire, we currently have over 280 members of our team, who all share the same core values and goals. Through our commitment to continuous innovation, exceptional service and outstanding value we do property, properly.
We work with independent, accredited estate agents across the country, providing property instructions and a host of moving services to help them earn revenues and provide their customers with a smooth, efficient move.
Each element is incorporated into an integrated approach, focused on bringing together the right people, properties and professionals to deliver what we believe is an unrivalled service.