House sales plummet but prices recover to 2007 levels

| March 12, 2010 | 0 Comments

Since the start of the year, house sales in England and Wales have fallen dramatically, the BBC reports.

New data obtained by the BBC from research-based consultancy, Acadametrics, show January transaction levels down 52% on December, at 36,000.

February looks little better with an estimated 40,000 completed sales, although seasonal trends, winter weather, and the end of stamp duty holiday will have continued to play their part in slowing the market.

Surprisingly, Acadametrics puts the average house price in England and Wales up 1.9% in February, compared to January, marking the 10th consecutive monthly rise and taking the annual gain to 9.7%.

On this basis, prices are back to the level seen in April 2007, with an average value of £222,008.

By way of comparison, Halifax’s latest house price index shows prices falling by 1.5% in February (compared to January) to £166,587, with the annual rise at 4.5%.

The difference reflects the fact that the Halifax survey covers the whole of the UK, while Acadametrics is focused on England and Wales.

Acadametrics also makes the point that its index is based on the prices of all homes sold, including cash purchases, rather than on mortgage approvals, as with Halifax.

Tags: , , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 2651 times, 1 so far today