The UK’s residential property market bounced back in October according to data released from the Agency Express Property Activity Index.
The number of properties achieving ‘Sold’ status in October grew by 7.5% compared to the previous month and the number of new ‘For Sale’ listings also showed a minor increase of 0.8%.
with seven out of the twelve regions showing positive increases for the number of properties ‘Sold’ in October against the previous month the growth is more than evident regionally.
London topped the table for hot-spots, up 29.4% on September, followed by the West Midlands, up 28.8% and Central England, up 12.1%. When it came to the ‘not-so-hot-spots’ for October, Scotland was at the bottom of the table showing a 19.9% drop in the number of properties which ‘Sold’. It was Edinburgh which saw the greatest month on month decline in new ‘For Sale’ listings compared to September, down by 20.2%.
Stephen Watson Managing Director of Agency Express said, “In recent weeks the UK property market has been drowning in negative publicity and market speculation. Our October Index is evidence that the current ingredients of low interest rates and the low supply of well presented, realistically priced properties, can be a real recipe for success.
"Whilst I believe the UK property market still has stiff challenges ahead in 2011 and 2012, these figures reveal some encouraging signs for many regions and cities across the UK and should go some way to installing a little more consumer confidence in the housing market.”