Sellers and sales up in January

Nia Williams

February 15, 2010

It’s data for January showed:

• New property instructions up 107% (Jan 2010 vs. Dec 2009)

• Buyer enquiries/applicants up 81.7% (Jan 2010 vs. Dec 2009) and 4.3% increase (Jan 2010 vs. Jan 2009)

• House sales (properties exchanged) up 20% (Jan 2010 vs. Jan 2009)

• House prices (on exchange) up 15.5% (Jan 2010 vs. Jan 2009.

Commenting, Grenville Turner, Countrywide chief executive, said: “The final weeks of the stamp duty holiday in December pushed through hundreds of sales but a new wave of buyers and sellers have come through in 2010, which has caused a sharp increase in demand. New buyer enquiries rose by 81.7% in January 2010 while viewings increased by 50% compared to December 2009.

”Sellers are finally returning to the market, with the number doubling in January and sales are up 20%, while house prices have increased by 15.5% on last year. This strong demand is a good indicator and highlights a renewed sense of consumer confidence, which gives us an idea of what the market might look like in the coming months.

“From a mortgage perspective, competitive pricing is working in the favour of first time buyers with eight of the Top 10 Mortgage Applications in January designed with first time buyers in mind, some of which have been re-priced and further reduced. We’ve also seen a strong increase in mortgage applications in recent weeks.

“The best rates are reserved for those with the biggest deposits but customers are paying 31% on average, and the rates for these products might finally tempt remortgage customers back to the market. Some basic cost comparisons show how SVR customers could actually make some significant savings.”

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