Market Analysis Winter 2010/11


Contents Highlights


Market Overview London Prime Central London UK Housing Market - Sales Country UK Rentals Conclusion and Outlook Highlights 3 4 6 9 11 12 13 15


This report is based on data and comment collected from a monthly survey of the network of Winkworth offices. As such, the contents are to some extent subjective and open to interpretation. It is believed to provide a fair and honest view of the market, but readers should be aware that the past year may not provide an accurate guide to future trends. No decision to buy or sell property should be based solely on its contents.


Produced by Winkworth Franchising Ltd in conjunction with Wriglesworth Research. © Winkworth Franchising Ltd 2011


„ Overall demand fell from buyers over the three months to November (24% year-on-year fall in new buyer registrations) as confidence waned and mortgage availability remained tight


„ Number of properties for sale across the UK remained stable over the three months to November, staying above the levels seen over the same period in 2009, as falling new instructions prevented a spike in property on Winkworth’s books


„ But, strong demand for good quality family houses underpinned the market and helped support average price growth


„ Winkworth saw average asking prices of properties on the books rise from £494k to £532k nationally and from £518k to £551k in London (August – November 2010)


„ The number of sales agreed over the period fell year- on-year thanks to the exaggerated number of sales at the end of 2009 – however, an injection of new mortgage lending in October and November supported the market


„ The London market mirrored the national trend with a fall in new instructions but property stock remained stable due to lower overall demand


„ Prices for flats softened further over the period while demand from family movers with access to affordable mortgages helped support the London market


„ Demand from new buyers in prime central London remained flat over the period


„ Over the last six months the total number of new buyers registering in central London was 17% down on the previous six months as the euro crisis discouraged foreign investors, and the pound recovered from lows


„ As a result, prices in prime central London fell slightly, down to £878k in November from £897k in August


„ In rentals, demand continues to outstrip supply


„ Tenant registrations peaked earlier than the seasonal trend in September and the rush lasted three months longer than normal, as renters struggled to find property


„ In contrast, the number of rental properties on the market over the period was over 45% lower than a year ago


„ As a result, average monthly rental prices rose 11% from January 2009, ending at £2,096 in November


Market Analysis Winter 2010/11


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