Is the housing market in Locks Heath picking up?
By TinaGarner | Monday, February 15, 2010, 17:30
Is the housing market in the Locks Heath area finally picking up in 2010?
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Average final sale price of a semi-detached house in Locks Heath area (SO31)
According to a report from the National Association of Estate Agents, shown on the FindaProperty website, last month showed a rise in first time buyers from 19 percent of the market in December 2009 to 23 percent in January 2010.
It also reveals that the number of house-hunters registered per branch of estate agents has increased by 20 percent in the last year - from 242 in January 2009 to 291 in January 2010. Also the number of properties for sale per branch has decreased slightly from 59 to 55, possibly reflecting the increase in sales.
However figures for the ‘average national house prices’ mean little when you are already a homeowner, or are searching for a home in a particular area. So what has been happening in the Locks Heath area over the last 10 years?
I have looked at the monthly FindaProperty.com House Prices and Affordability Index, which tracks the trends in supply and property prices using statistical methodology developed by Calnea Analytics (who also produce the official Land Registry house price index).
The graph I produced from this shows the average final sale price of a semi-detached house in Locks Heath (postcode SO31) from 1999 until 2009. The average price of a semi-detached house in Locks Heath in 2009 was £200,121 compared to £218,785 in 2008. The lowest average price over the last 10 years in Locks Heath was back in 1999 when the average semi-detached house was selling for £93,513.
The average final sale price across all Locks Heath properties (detached, terrace, flats etc) last year was £244,549 (calculated from FindaProperty values) - significantly higher than the national average final sale price of £162,116 but only slightly less than the average for Hampshire, which was £262,691 (from the WheresMyProperty website).
Thanks to the powers of the Internet we can play with the numbers to our heart’s content.
What do you think?
Does anyone has a buying/selling or renting experience they would like to share?
We at LocksHeathPeople want to hear from you!
Comments
The Housing Double Dip !
Absolutely, I dont think we are out of the woods yet!
As soon as the banks withdraw their 'Quantitive Easing’ and have to increase interest base rates back to 5% to curb the runaway inflation - then the other shoe will drop and a further 30% reductions are on the cards !
Well at least this will bring first-time buyers back to the market - my understanding is that a minimum of 40% of first-time buyers are needed to under pin the market, and what are at 19% ?
By Silver0Surfer at 15:16 on 17/02/10
ReportAccording to this report in Business Week (tinyurl.com/y9zk3rb) the decrease in the number of houses for sale is due to a reduction in the number of mortgage approvals, very low borrowing costs, banks being reluctant to foreclose on homes.
All this has kept owners in their houses and meant that buyers are competing for the few available properties on the market.
Average home prices in England and Wales increased 6 percent in the nine months through December, according to Land Registry data.
The report says there were 859,000 home sales in the U.K. last year - a 52 percent decrease from the average during the peak years of 2006 and 2007, according to London-based broker Savills Plc.
By Maddie101 at 12:50 on 17/02/10
ReportFrom the chart the market only looks like it is taking a slight dip, seemingly at 10% or so, this is fine when you bear in mind that the most stable part of the Housing market is in fact the '3-bed semi' ? However, the fluctuations in the lower and upper levels (ie the majority of the houses in Sarisbury) of the housing market are more like 30% !
A big difference for those concerned, whose houses are now worth £70k less than they paid for them 3years ago, like I found out recently when trying to remortgage !
All beware its not over yet !!!!!
By Silver0Surfer at 11:47 on 17/02/10
Report