Big rise in UK properties up for sale with surge in homes worth more than £500,000 put on the market

25th June 2013

img

There has been a surge in properties worth more than £500,000 coming on to the UK housing market according to information services company Experian.

It says that in the first quarter of 2013, the market saw a 19.1% increase in this type of property, compared to the same quarter in 2012.  The increase was led mainly by London and the West Midlands, each seeing around 26% increase in homes falling into the highest price band.

The analysis shows that across the UK, the overall number of properties listed for sale was up by 13.0% compared with Q4 2012 and by 9.7% from Q1 2012. This revival follows a period of decline, with the number of properties marketed for sale falling by 4.0% in 2012.

Meanwhile, the rental market after a strong year of growth in 2012 increasing by 5.6% compared to 2011, began to stabilise with 2.8% growth during the first three months of this year.

Despite the slowdown in growth, the rental market has seen an explosion in large properties with four or more bedrooms.  During Q1 2013, properties with four bedrooms or more increased by 17.2%.

Jonathan Westley, managing director of Consumer Information Services at Experian UK & Ireland, says: “The uplift in more expensive houses coming onto the market for sale was seen in most parts of the country and not just in the London area as would have been expected.  While it suggests a growing confidence among sellers who feel now is a better time to sell than this time last year, it does also highlight a need for a better understanding of homeowners, as some may in fact be experiencing financial pressures.”

Property prices

While properties for sale at over £500,000 increased across the UK, Wales and the North East were the only areas to see fewer properties falling into this price band – down 6.8% and 1.1% respectively, compared to Q1 2012.

The number of properties valued between £250,000 and £500,000 also increased by 11% in the same period.  However, the majority of homes for sale on the UK market in Q1 2013 were valued between £100,000 and £250,000, with 51.4% of properties for sale falling into this price bracket.

Scotland saw the biggest surge in properties being marketed for sale in Q1 2013, up 20.0% on Q1 2012, closely followed by the West Midlands which saw the number of new listings rise by 18.0%. The North East and Outer Met were the only regions to buck the trend, with the number of properties for sale falling by 4.2% and 0.4% in Q1 2013 compared to the same quarter in 2012.

While the pace of growth in the rental marketplace slowed overall, London continued to see a notable uplift in the number of homes to let, increasing by 27.7% from Q1 2012 to Q1 2013.  The capital also saw a big difference in the number of rentals versus sale properties added to the market in the first quarter. There were 45,659 properties to let, over double the number of properties up for sale (21,452).

Property type

Detached houses are the most frequent house type listed for sale across the UK, with a total of 49,461 detached houses for sale in the first quarter of 2013 compared to 43,796 in the same period last year, an increase of 13.0%. Three bedroom properties were the most common size of home on the resale market, accounting for 38.82% of all new listings.

In the rental market, flats took the lion’s share in Q1 2013, accounting for almost 45% of all rental properties. In London, this figure rises, with this type of property accounting for 74% of the capital’s rental market.  However, terraced houses saw the biggest increase from Q1 2012 to Q1 2013 – up 17.9%.  In particular, terraced houses with four or more bedrooms to rent increased by 23.2%.

5 thoughts on “Big rise in UK properties up for sale with surge in homes worth more than £500,000 put on the market”

  1. David Lilley says:

    The big issue is that if you cease to be an economic partner you become an economic enemy.

    An independent Scottland wouldn’t default on its share of the UK National Debt despite all the threats to do so. It wouldn’t introduce itself to the world as a debt defaulter.

    It would loose two large subsidies by choice. It would loose the Scottish settlement that Wales can only dream of and it would loose the public sector pensions subsidy. One in four Scottish workers works in the public sector v one in five for the UK. Their unfunded public sector pensions liability may dwarf their proportion of the UK National Debt.

    If they sought to attract inward investment by reducing corporation tax they would have competition from England and its remaining partners.

    1. therrawbuzzin says:

      An independent Scottland wouldn’t default on its share of the UK National Debt despite all the threats to do so. It wouldn’t introduce itself to the world as a debt defaulter.

      ________________________________

      The day of the speech in Edinburgh, where Gideot said “Walk away from the UK, walk away from the pound.” he also claimed title to ALL UK debt, in ALL circumstances.

      Scotland CANNOT default on someone else’s debt.

      ———————————————————————————-

      It would loose two large subsidies by choice. It would loose the Scottish settlement that Wales can only dream of and it would loose the public sector pensions subsidy. One in four Scottish workers works in the public sector v one in five for the UK. Their unfunded public sector pensions liability may dwarf their proportion of the UK National Debt.

      ________________________________________________

      Scotland pays more INTO the UK in taxes than it gets back, FAR MORE.

      The public sector pensions issue has already been agreed.

      ————————————————————————————–

      If they sought to attract inward investment by reducing corporation tax they would have competition from England and its remaining partners.

      ______________________________
      Marginal, in terms of inward investment.
      Firms want a well educated, highly skilled populace from which to recruit.

  2. David Lilley says:

    We now have the forth issue of the WGA (whole of government accounts). A modern day Doomsday Book written by independent accountants and illuminating the profit and loss and assets and liabilities of 38,000 public bodies.
    With the WGA we can account for the quantum of PFI, EU membership (£8.9b net pa) and public sector pensions liability to the $ at discounted net present cost.
    We can therefore easily compute the net Scottish subsidy to the $. Why don’t we ask the WGA to do this?

  3. Anonymous says:

    I don’t think I missed that. They’ll go into EU and Euro, if allowed.

  4. Anonymous says:

    You will. But Independence of Westminster unlikely. On verra. Popcorn time…

Leave a Reply

Your email address will not be published. Required fields are marked *