Market News
House sales at highest level for almost two years
03/03/2010
The number of houses sold in February grew by 136.6%, more than double the sales achieved in January, and were the highest level of sales achieved for almost two years, since March 2008, according to Agency Express’s latest Property Activity Index.
Three regions reported their highest month for house sales since the market peaked in mid to late 2007. The North East saw its highest level since August 2007, London since October 2007 and the North West since November 2007.
Every region except Central England saw substantial month on month increases in house sales with the North West (152.4%), East Anglia (125.6%), London (123.5%), the South West (122.6%) and the South East (120.8%) all seeing sales activity more than double that seen in January.
Nottingham was the city that experienced the greatest increase at 206.3% - with monthly house sales trebling compared to January. Other notable rises, where house sales at least doubled, were seen in Manchester (168.4%), Oxford (147.3%), Cambridge (140.2%), Milton Keynes (134.2%), Colchester (128.1%), Glasgow (111.1%), Coventry (110.3%), Norwich (109.8%), Newcastle (107.6%) and Carlisle (103.3%).
Stephen Watson, managing director of Agency Express, said: "After a pretty slow start to the year it appears that the British public is not prepared to sit around and wait any longer. Whilst we expected February to be a better month for house sales than January, the levels we have seen have exceeded our expectations. It appears that the growing economic optimism has permeated the housing market and people are making the decision to move. We are now seeing house sales nearly match those levels we last saw two years ago and the strength of activity bodes well for the coming months."