Sellers hit 20 month high

The latest Agency Express Property Activity Index shows that the UK’s house sales were down on February’s levels but the number of properties that were put on the market hit a 20-month high.
Nationally, the number of houses sold in March was 13.7 per cent less than in February but was still 5.1 per cent up on March 2009.
 
The number of properties that were put up ‘For Sale’ rose by 5.3 per cent on February to their highest level since July 2008, which is a 38.9 per cent increase year on year.
 
Although house sales nationally were lower than March, some regions saw significant growth. Sales in Central England nearly doubled in March growing 94.7 per cent. The West Midlands was up 13.2 per cent followed by the East Midlands with a 10.6 per cent increase. Several regions saw their highest level of house sales for a considerable time. London hit its highest level since October 2007, the East Midlands and the South East had their best months for house sales since April 2008 and Scotland had its best month since May 2008.
 
York saw the greatest increase in house sales in a city in March with a 44.8 per cent increase compared to February. Other notable rises were in evidence in Cardiff (30.8 per cent), Birmingham (23.8 per cent), Nottingham (16.3 per cent), Exeter (15.3 per cent) and Norwich (9.8 per cent).

Stephen Watson, managing director, Agency Express, said: “Although house sales nationally are down on February it still bodes well for a good Spring for house sellers. February was a bumper month because the bad weather in January subdued activity. Eight regions in the UK saw an increase in March sales with several hitting their highest levels for some considerable time. Both London and the South East reported growth, which is a good sign for the rest of the country as often activity here triggers activity in the rest of the country. Perhaps the most significant sign of optimism is the number of For Sale signs that were erected in March. Not only was it up on February, but year-on-year it has grown by just under 40 per cent. With the recent announcement of the increase in the Stamp Duty threshold we can expect greater buoyancy in the housing market over the next couple of months.”
 
Central England again led the way for the highest increase in properties being put up ‘For Sale’ in March with a rise of 120.9 per cent. Next came London (19.5 per cent) followed by the North East (12.6 per cent), Scotland (10.2 per cent), the South East (7.5 per cent) and Yorkshire (7.2 per cent).