Property market enjoys a busier month in May

The housing market has made up the lost ground experienced in April, if estate agency boards are anything to go by.

According to Agency Express, a national firm of board erectors, the number of For Sale signs converting to Sold in May was up 4.7% on the previous month’s figures, although still 2% lower than in May last year.

Geographically, sales activity was very patchy.

The partial recovery was led mainly by activity recorded in the North of England and the Midlands. The North-East saw growth in houses sold of 16.7% just ahead of the North-West which saw a rise of 16.6%. In Yorkshire, monthly sales were up 10.6% and in Central England they rose 10%.

In contrast there was a drop in sales of 16.4% in Scotland, the South-East saw a fall of 7.4% and the South-West fell by 5.5%.

There was also positive news for the number of new ‘For Sale’ instructions received in May. Orders for new For Sale boards were up 1.7% nationally, eradicating the 0.5% drop seen in April. However, they are still down by 6% on May 2010.

Most regions recorded an increase in the number of new ’For Sale’ instructions, with the North-East leading the way with a rise of 10.6%. However, Wales saw a shrinkage in supply of properties of 5.4%.

Stephen Watson, managing director of Agency Express, said: “Last year, May was the peak of the house sales market, so we are looking forward to June to see if the upward trend proves to be a sustainable one.”