Month-on-month data for February 2012 shows that nationwide residential property sales increased by 42.9% - the highest monthly increase since February 2010. New ‘For Sale’ listings also continued to show an increase, growing by 18.5% compared to January. Additionally, data for both properties ‘sold’ and new ‘for sale’ listings showed modest increases of 7.7% and 4.2% respectively against February 2011.
Of the 12 UK regions covered within the Index all saw double-digit growth in new ‘for sale’ listings for February 2012 compared to January, with the exception of the Central England with only 1.3% increase.
Regional hot spots included the West Midlands, up by +36.4%, the North East – up +27.6%, Scotland – up +27%, and the South East – up by +26.6%. Scotland and the West Midlands were also amongst the highest performing areas compared with this time last year, with increases of +22.7% and +9.4% for new listings, the first and third highest in the UK.
Regional figures for actual ‘sold’ figures reflected the national buoyancy with widespread month-on-month increases in February, the star-performers being the West Midlands again with a +61.6% increase, Scotland with +60.1%, the North West – up by +56.4% and London – up +52.4%. Even those regions at the other end of the table did far better than in January, with sales increases of +35.4% for Yorkshire, +25.6% for Wales, +20% for the North East and +16.9% for the East Midlands.
When it came to new ‘for sale’ listings for individual cities, compared to January, February 2012 saw Coventry in top place, with a +258.8% increase, York next with +76.3%, followed by Colchester – up by +40.3%. The best cities in February for house sales were Oxford – with an increase of +135%, Glasgow with +95.2% and Birmingham – up by +79%.
Commenting on the latest Index results, Stephen Watson, Managing Director, Agency Express, said:
“Our Index figures for February show a very encouraging consolidation of the housing market virtually nationwide. A combination of relatively low interest rates, more affordable property prices and the stamp duty incentives pre-March for first time buyers, coupled with the early mild weather, has obviously put the thought of moving house back into people’s minds.”
