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Property sales - a year of two halves

Property sales in Britain in 2009 were 6.8% lower than a year earlier but it was very much a year of two halves, according to property website Zoopla.co.uk.

The number of properties that changed hands in the first six months of last year (273,015) was down 37% on 2008 but the second half of 2009 showed a 35% surge in sales transactions (421,732) compared to the last half of 2008.

 

Zoopla.co.uk’s data shows that home values in Britain gained 2.5% over 2009, but average house prices fell 2.2% over the first six months of the year (from £205,607 to £201,067) before recovering in the second half by 4.7% to reach an average value of £210,661

 

One of the biggest factors in the house price rebound in the second half of last year was the recovery in market activity with increased transaction volumes leading to higher property prices.

 

Transaction volumes were particularly strong in the fourth quarter of 2009, up by double-digits in all regions compared to 2008 with the exception of Scotland where sales levels have been slow to recover and were up only 8% in Q4 2009 versus the previous year and were down 33% for the full year 2009, compared to a decline of only 1% in England and 12% in Wales.

 

Nicholas Leeming, commercial director of Zoopla.co.uk, commented: “2009 was a tale of two halves for the UK property market. The first half of the year was pretty poor coming off a year of transaction volumes at historic lows. The second half of the year was a different story as sales started to bounce back strongly, particularly in the south where buyers returned to the market as prices became tempting and to take advantage of the stamp duty holiday.”

 

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Date: 8th, March, 2010

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While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.

 

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