Posts tagged ‘graph of the week’
January 4th already?! Yikes, where does the time go?
To mark the passing of the year, we thought it would be interesting to take a look at the property market’s winners and losers in 2009.
And this being January, we’re serving up two graphs for the price of one … the regional risers and fallers and the best and worst of ten major cities.
This week’s graph comes from our research team, whose MyHomeLife survey regularly polls our visitors to find out how they see the housing market.
Back in May – just as prices were beginning to pick up again – they were pretty downbeat. Only 11 per cent thought prices were recovering while 23 per cent expected them to keep falling.
By August – no doubt in response to several months of positive reports – 18.7 per cent felt prices were on the rise while 17.9 per cent expected them to keep falling.
The most recent wave of research was carried out in November and found that 30 per cent thought prices were rising while just 12.8 per cent thought they would keep falling.
Looking further ahead, 45.5 per cent expect the market to stabilise over the next six months.
This is somewhat at odds with the gloomier predictions for 2010, but it does accurately reflect the surprising recovery this year.
Can it continue? Our users seem to think it can, but only if there’s more money available at the bottom end: 84 per cent think a full recovery will depend on greater mortgage availability to first-time buyers.
With this in mind, it’s worth noting that lending levels, while still low, have risen significantly over the year (from a low of 27,294 in November 2008 to 57,345 in October 2009).
The latter half of 2009 surprised us all; if this lending trend continues, could 2010 also prove to be a better year than many pundits are predicting? Your thoughts, please!
This week’s graph comes from the latest RICS Lettings Survey, published today (2 December 2009).
The report (Q3 2009) reveals that as the sales market recovers, excess stock in the rental market is on the wane and rental prices are edging back up.
RICS spokesperson Jeremy Leaf commented: “It seems the current upward trend in the housing market is having a more significant effect on the lettings market, with many of the accidental landlords returning to the sales market to take advantage of the recent price increases.
“As a result, the recent oversupply is reversing, with new instructions at the lowest levels we have seen. This, of course, is impacting on prices, and tenants no longer have as strong a bargaining power as they did.”
Our own FindaProperty.com: Rental Index shows a similar trend. This month’s report (November) revealed a rent rise of 0.1 per cent to £831pcm, the seventh consecutive month of stable or rising rents.
The supply of rental properties fell by a 3.5 per cent in November, following a ten per cent fall in October. And properties let within 55 days, 16 days less than at the beginning of the year.
For tenants, the message is clear: the days of discounted rents, juicy incentives and plenty of high quality stock to choose from are probably drawing to a close.