Yorkshire house sales highest in almost six years
ACROSS Yorkshire and the Humber, the number of homes sold per chartered surveyor reached its highest point since May 2008 last month as the recovery in the region’s property sector continued full steam ahead.
December’s RICS Residential Market Survey reveals that over the festive period the average number of transactions per surveyor in the region reached 23, well over double the rate of sales at the lowest point of the downturn back in January 2009, when respondents were selling a just 10 properties per surveyor.
With more sales now going through, growth in demand for rented accommodation has begun to slow significantly as a growing number of renters opt to test the sales market. Respondents note that increased confidence is a key driver behind growing activity.
Nationally, RICS found average transactions per surveyor rose to 21.3, up from 9.8 at the national post-financial crisis trough of January 2009.
Meanwhile, with amount of homes coming onto the market is still nowhere near enough to meet the higher level of demand, causing prices continue to rise across the country. During December, a net balance of 45% more chartered surveyors in Yorkshire & the Humber reported growing prices, compared to 56% nationwide.
Significantly, every area of the UK saw prices increase, with London and the South East experiencing the biggest jumps.
Given the more positive tone to the market, expectations for 2014 are decidedly upbeat.
Respondents across Yorkshire and the Humber predict continuing improvements throughout the year, with a net balance of 45% predicting rising sales, and 42% foreseeing rising prices. This is largely being driven by easing in credit conditions, resulting in higher loan to value mortgages, and the ongoing imbalance between supply and demand.
Peter Bolton King, RICS global residential director, said: “The housing market is starting to thrive once more. Sales are at their highest level in almost six years and this is being reflected right across the UK. Growing availability of affordable mortgages has released some pent-up demand from a market that, in recent years, has seen many viable buyers unable to enter the market.
“On the face of it, this seems like good news but unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”
