London, U.K., Wednesday 30th June – New data on the North West property market was today released by Thornley Groves – Manchester’s leading Estate Agent. The study, which examined market trends across registered purchasers, available stock, and stock under offer, reported widespread growth in figures in June 2010 on the same period from the previous year.
Seller Confidence and Buying Intent Both on the Up
The new data from Thornley Groves comes from the Estate Agent’s 7 branches across the entire Manchester region from the City Centre down to Cheshire, reflecting a broad range of properties and locations. Significantly, the strongest increase was seen in the amount of sales stock under offer, which was up 32.7 percent on the previous year, indicating a return to market liquidity.
Please see attached document for Manchester Property Market Key Performance Indicators.
The number of registered purchasers was 3,601 on June 23rd 2010, up 12.8 percent on the previous year, while the Estate Agent’s pool of sales stock available was also up 24.5 percent on the previous year to 482 in June 2010.
Visitation to the Thornley Groves website – which is Google ranked number one for property in Manchester – also showed strong growth on the previous year. Traffic was up 29.6 percent to 14,386 unique visitors in the month of May, highlighting significant growth in the number of buyers searching for properties in the area.
Michael Groves, Managing Director of Thornley Groves Estate Agents in Manchester, said “All the evidence we are seeing points to a strong return to activity in the property market here in Manchester. While it is fair to say that one swallow does not a summer make, the combination of quantitative growth and qualitative performance indicators that we are seeing such as swift sales, seller-confidence, and increased property search activity, are positive signs. Home-sellers should certainly be more confident now of achieving sales in what is looking to be an increasingly buoyant market once again.”
Strongest Growth in Recent months
The Thornley Groves figures represent positive news for the industry at a time when the government’s decision to scrap the much maligned Home Information Packs (HIPs) required to sell homes looks set to lower the bar to property market movement even further. Recent data from findaproperty.com found average national property prices to have grown for the fifth consecutive month in May 2010, up 1.8 percent on the previous year.
In addition to growth in registered purchasers, sales stock available and stock under offer over the previous year, Thornley Groves also report seeing a sharp increase in market interest in recent months. A large family home in Hale Village was recently sold by the Estate Agent within just one week of reaching the market, for a record high pre-financial crisis price in its location. Recent Open House events have also indicated a market returning to growth, with high attendance levels and numerous offers being made for showcased properties on the day of events.
