Key points from this month’s report
– New sellers’ average asking prices up by 0.7% on the month, but 3.0% down over the summer period
– Two deadlines should focus the minds of frustrated sellers:
– Christmas is 98 days away but average time on the market is 94 days, so buyers and sellers need to get serious now if they are to tie up a deal before the festive season;
– first-time buyer stamp duty relief is due to finish on 25th March 2012.
– Market recovery appears as far away as ever three years after the collapse of Lehman Brothers, as key metrics are little changed:
– new sellers again at 23,000 per week as lack of confidence and inability to move remains;
– prices up by 2.5% in three years, compared with 16.4% in the previous three year period;
– unsold stock per estate agency branch still stuck in the high 70s.
– While new planning proposals may boost housing market activity in the longer term, initiatives supporting mortgage lending such as FirstBuy are the more immediate requirement.
Read the full report here: http://www.rightmove.co.uk/news/files/2011/09/september-2011.pdf