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Property sales market shines north of the border as London struggles

Promising figures from Your Move and Reeds Rains, if you're selling homes north of London.

Nigel Lewis

Do you run or work for an agency in the North? Then you may be heartened by the latest property sales figures from Your Move and Reeds Rains.

They show that, while London and the South East are facing an alarming and continuing slump in sales, the north is proving much more resilient.

The number of transactions in the North increased by 10% over the past three months (February to April) and increased by 6% in the North West, 7% in Yorkshire and Humberside, 6% in the West Midlands and 13% in Wales.

In contrast, the two companies say, transactions in London have plummeted by 19% over the past three months in Greater London, and 7% in the South East.

West Midlands property sales

The figures also underpin what developers have known for some time – that Birmingham and the West Midlands are the property hotspots of the UK at the moment.

Not only are transaction increasing, but house prices in the region are up 5.1% so far this year, while neighbour Shropshire has seen prices increase by 7.1% over the same period.

oliver blake“The market remains resilient and there’s encouraging activity in the North, but we need to urgently address the serious blockages in house building holding back labour mobility and economic competitiveness in too many areas of the country,” says Oliver Blake, Managing Director of Your Move and Reeds Rains (pictured, left).

Oliver also says the election, despite the long campaigning window, had little effect on house prices, which tend to stall during the run up to major political events.

“After a slow start to the year, house prices in England and Wales rallied to a new peak in May,” he says.

“The uncertainty of a General Election did little to dampen the market, with the average price up 0.3% to £303,200. The value of the average home has now increased £13,934, or 4.8%, in the last 12 months.”

 

June 12, 2017

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