The UK’s residential property market started its traditional seasonal decline in November according to data released from the Agency Express Property Activity Index.
But whilst month on month properties nationally achieving ‘Sold’ status in November were down -7.1% on October 2011 and the number of new ‘For Sale’ listings recorded were down, by -11.8%, it was the second shallowest November drop since the Index began in 2007.
Encouragingly, the overall number of properties ‘Sold’ in November 2011 was also up +1.4% compared to November 2010 and up +0.1% against November 2009.
Regionally, there were some positive signs with four of the twelve regions bucking the seasonal trend and showing positive figures for the number of properties ‘Sold’ in November against the previous month.
The North East topped the hot-spots up +18.8% on October, followed by the South West up +15.7% and Scotland up +12.0%.
When it came to the regional ‘not-so-hot-spots’ for November, West Midlands was bottom of the table with a drop in the number of properties ‘Sold’ down -15.9%, the South East was down -15.1% and the North West was down -15.0%.
The seasonal decline was more evident in the number of new ‘For Sale’ listings recorded in November against October, with only one region generating positive month on month figures, (which was London) up +7.8%.
At the other end of the table the regional ‘not-so-hot-spots’ for new ‘For Sale’ listings were Central, down -26.9%, Wales down -25.7% and Scotland down -23.9%.
Disappointingly, the number of ‘For Sale’ listings in November 2011 were also down -1.1% on the same month in 2010 but up +11.0% on November 2009.
A good number of individual cities bucked the seasonal trend and experienced increases in month on month house sales compared to October.
Nottingham topped the ‘hot-spots’ with an increase in properties ‘Sold’ in November, up +27.0%, followed by Newcastle up +25.3% and Colchester up +24.2%.
At the opposite end, the cities recording the greatest decline in month on month properties ‘Sold’ in November were Coventry down -58.8%, Southampton down -42.3% and Norwich down -27.4%.
There was a similar picture for individual cities when it came to New ‘For Sale’ activity in November compared to October. Colchester topped the charts with a month on month increase of +13.7%, London up +7.8% and Brighton up +5.1%. Coventry saw the greatest monthly decline in new ‘For Sale’ listings compared to October, down -46.6%, with Bristol down -45.9% and Southampton down -39.2%.
Stephen Watson, Managing Director, Agency Express, said:
“As we approach the run into Christmas we naturally expect that market will drop off as consumers switch their focus to the festive period, but Vendors and Agents alike should genuinely take some encouragement from positive signs within our Index.
"Many individual cities and some regions have managed to buck the seasonal trend established since our Index began in 2007 and shown growth year on year.
"This is evidence that despite continued uncertainty over house prices and the wider economic fragility, there is still a reasonable underlying demand for properties of all shapes and sizes, up and down the UK."
