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When you want to have a good idea of what's happening in your local market, as
long as there are no restrictions in your area, working out how many properties
are for sale and sold, and comparing this to historic data can really
help.
Counting boards is something which agents often use to measure
their own local market share. However it's an incredibly useful way of working
out whether it's going to be easy or difficult to buy or sell a property in your
market.
READ MORE for Three steps to work out if it will be easy or difficult to buy or sell a property
The property market to date ‘on average' has pretty much been in the doldrums.
Visit our market reports for Past and Current Property Prices. To date, we've
seen a 20% fall in property prices and a 50% fall in volume since the credit
crunch. The market itself has pulled back on average price wise to around 10%
below the heights of 2007. Sales volumes though remain very low compared to pre
credit crunch norms and research and data so far shows no signs of the market
recovering, even in areas where property prices are performing well.
Much
of what happens to the market for the rest of 2012 will depend on how confident
people are to buy a property. This confidence will depend on figures from the
media which will include unemployment levels, inflation, what is likely to
happen to wages and especially what happens on the mortgage front as well as how
they report the property market.
READ MORE for Future Property Market Predictions
We know from our ‘past property market' analysis that prices over the
last few years have hardly fluctuated at all. However, the current market shows
prices are softening slightly month on month at the moment, suggesting 2012 is
likely to be a quieter year than 2011.
So far we have seen a boost to the
year's activities as first time buyers have rushed to purchase properties to
avoid paying Stamp Duty between £125,000 and £250,000. We also saw a ‘shock' to
London's sales for the first time, as the surprise 7% Stamp Duty for properties
over £2 million and for those buying through overseas companies, rush property
purchases through to avoid paying tens of thousands of extra tax on
property.
READ MORE for the full Current Property Market Analysis
Economy Follows Property Prices into a Double Dip
Month by month we hear from lots of different property price reports, some
saying prices are rising, some falling. For anyone who's a first time buyer,
looking to trade down or invest in property, conflicting headlines are confusing
and generate additional stress at a time when there is already plenty to worry
about.
This property price report is unique in that it reviews all the
different property price reports from the prospective of someone carrying out a
property project, giving advice to help work out, from a market perspective,
whether now is a good time to buy, sell, build, invest or even carry out a
renovation project.
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