January 2020 local market snapshots

We look at our local markets closely and often, well daily, but here's a national perspective first.

Property prices are rising at their strongest level in a year according to the latest UK House Price Index. At £235,298 the average price of a property in November is 2.2% more expensive than a year ago, the highest rate of annual growth since November 2018. The price of a property coming to market in January increased 2.3%, according to Rightmove. This represents the largest monthly rise ever recorded at this time of year. 65,000 properties were bought to market between 8th December and 11th January, the vast majority post the election.

"Continued resilience" was the story of the UK housing market in 2019 according to TwentyCi’s latest review. There was an uptick in exchanges, with overall sales volumes in the year to December up 0.8% on 2018, despite a year-on-year fall in instructions of 3.4%. Asking prices remained steady throughout the final quarter.

One quarter of property sales across England and Wales fell through in 2019 according to data from Quick Move Now with the responsibility shared between buyers and vendors. One third of fall through's occurred because buyers changed their mind, one in ten because the vendor accepted a higher offer from another purchaser. Other reasons included problems obtaining a mortgage (17%), slow progress (15%), a chain break (13%) and a survey issue (11%).

Rightmove report across the UK there have been 1.3 million buyer enquiries fielded by agents since the election. This represents a 15% year-on-year increase and points to an active Spring market. Buyer affordability looks set however to keep a lid on prices.

Mortgage approvals rose 1.4% in November compared to a year ago according to the Bank of England, with gross lending of £22.4 billion the highest November total since 2007. Momentum is expected to pick up across the market as Spring approaches and sales volumes are anticipated to show an uptick over 2020.

First-time buyer numbers hit a 12-year high in 2019, according to research by the Yorkshire Building Society, accounting for 51% of all home purchases with a mortgage over 2019, compared to just 38% in 2008. Levels have plateaued though compared to 2018 suggesting affordability constraints may well be an issue.

January local area market snapshots -

If your BS post code area is not listed below get in touch, we will produce a report for you! email customercare@oceanhome.co.uk

Mon 27 Jan 2020