On the whole average asking prices have increased by around 3.55% annually and 2.19% in the second quarter of 2013, reaching £240,238, the highest price in five years.
The biggest indicator of the market showing significant improvement is the average number of days that it takes to sell a property. For the country 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 data from Move with Us, the residential property group, also shows.
‘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,’ said Robin King, director of Move with Us.
‘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,’ he explained.
‘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,’ he added.
Sellers in Greater London appear to have become more confident through the first half of 2013, with asking prices increasing month on month. By June the average asking price was the highest on record at £380,904 rising 6% from the start of 2013 and adding £21,585 to the average home.
The average asking price for the South West increased each month up to June where it finished at £262,727. Prices were the highest on record in June 2013, increasing by £9,203 in just six months and 2.64% in the second quarter of 2013.
The average time taken to sell a property in the South West fell by 16 days, or 25% in the second quarter, ending June at just 92 days. Considered against increasing asking prices and a higher number of listings, this suggests a positive outlook for the region.
The average asking price in the South East increased through the last six months following the trend of other Southern regions. In April prices broke the £300,000 barrier and by June the average asking price had reached £308,444, the highest on record and an increase of 2.84% in the second quarter alone. Asking prices for this region are significantly above the national average, currently only second to those in Greater London.
Despite the slight increase in selling times at the end of the second quarter, the average days required to sell a residential property in the South East has fallen by around one month since the start of 2013. This is 26 days faster than the national average at 78 days. Faster selling times in conjunction with increasing asking prices indicate a rising property market in the South East.
In East Anglia, average asking prices also increased by 1.61% in the second quarter to £255,564. This is despite growing supply, suggesting improved confidence amongst sellers. The average asking price for this region has increased by 2.9% since January 2013, marking a £7,256 increase in just six months.
Average days to sell in the region fell rapidly by 28 days in April to 87 days before reducing a further five days in May. By June properties were sold in 85 days, 19 days faster than the national average. With rising asking prices and a higher number of new listings, East Anglia appears to be a strong, flourishing market.
Since January this year the East Midlands has experienced month on month increases in asking prices in line with the neighbouring West Midlands. The second quarter ended with the average asking price at £178,281, some 1.71% higher than the end of the first quarter of 2013 and the highest price since May 2009.
The average number of days to sell a house in the East Midlands has dropped 37 days through the second quarter to 105 days, a 26.06% fall which, combined with rising asking prices is an encouraging sign for the region’s housing market.
Asking prices in the West Midlands have consistently increased since January 2013. By June average asking prices for property in the region were at the highest level seen since August 2009 at £193,503 a 1.97% increase in the second quarter.
The number of days to sell fell to 104 days in the second quarter of 2013, almost flat lining in June, with properties in the West Midlands selling quicker in both May and June compared to any other point this year. With new instructions stable and asking prices increasing, the market seems to have improved as the year has progressed.
In Yorkshire and Humber asking prices have followed a similar trend to the first quarter, increasing to £169,712, a 1.8% increase since the start of 2013 and a 0.93% increase in the second quarter. Marketing prices in June were at the highest levels seen since October 2010, suggesting sustained confidence amongst sellers.
The average time needed to achieve a sale in the region was reduced by 41 days to 127 days in the second quarter, marking a 24.4% decrease in the quarter. With improving selling times and price increases, the region has experienced some market improvement as the summer approaches.
The average asking price in the North West has risen slowly and steadily since February 2013 which is a positive sign for the region. In June the average asking price reached £172,993, 0.92% higher than it was at the beginning of the year.
More significant was the reduction in the average days that it takes to sell a property in the region. This fell in the second quarter by a significant 20.48%, continuing the trend which started in the first quarter of 2013. Properties sold 34 days faster in June at 132 days when compared with the end of the first quarter.
Since January 2013 the average asking price in the North East has been largely consistent with only minor changes reported throughout quarter two. An increase in May of over £500 to £153,057 marked a six month high.
Selling times in the North East reduced in the second quarter, ending the period at 188 days on average. Despite this improvement, the region remains the area with the longest time to sell in the country, with properties taking 84 days longer to sell than the national average which is further evidence of a challenging housing market in the North East.
The average asking price in Scotland increased each month in the second quarter of the year, reaching £162,828 in June and marking a one year high. Selling times for residential properties in Scotland have reduced by 33% over the last five months. In the second quarter alone, properties sold on average 29% faster than in the first quarter of 2013 at 125 days.
Wales did not experience the price increases seen throughout much of the country in the second quarter of the year. The average asking price in June finished at £174,978, only £37 higher than in January 2013.
The average number of days to sell a property fell by 19% in the second quarter. By June properties in Wales were selling in 145 days, 46 days faster than they were at the beginning of the year.
