The average asking prices in Great Britain have increased every month this year mostly fuelled by rises in the South, according to Move with Us’s Residential Market Review for the second quarter of 2013.
On the whole average asking prices have increased by around 3.55% annually and 2.19% in Q2, reaching £240,238, the highest price in five years.
Move with Us says the biggest indicator of the market showing significant improvement is the average number of days that it takes to sell a property. For Great Britain as a whole, days to sell have fallen steadily in the first half of 2013 from 144 to 104 days, a fall of 27.7%. The average time to sell in London fell to just 71 days in June. The fastest selling time for any region in Great Britain and 33 days faster than the national average.
Data from Move with Us, the residential property group, has also reported that corporate residential properties are currently selling on average in 71 days across Great Britain, 33 days faster than the wider market.
With more new listings coming to the market overall in the second quarter of 2013 when compared to Q1, prices steadily rising and faster selling times, the market in Great Britain shows no signs of running out of steam. Such promising statistics after a positive first quarter signify a healthy market that is improving.
Robin King, director of Move with Us, said: “The second quarter of 2013 was one of the most positive quarters in recent years. The most prosperous regions being in the south with East Anglia, the South East, Greater London and the South West all seeing a rapidly improving market with increased asking prices and reduced days to sell. These regions have dictated the overall pattern for Great Britain providing 45% of the total new listings on the market.”
“The positivity of the South seems to have had a ripple effect through the East and West Midlands which have reported increased asking prices and faster selling times. In the Northern regions there have been some signs of improvement but the market here has moved at a much slower pace than in the South.”
“We now wait to see whether the property market will suffer from the usual seasonal slowdown over the summer and this will determine whether or not this positive spell is short lived or if there will be sustained demand.”