by Mark Johnston
With the dipping housing prices and the stringent mortgage lending rules, buyers and sellers in the market are struggling in a very stagnant market. Regions all over the UK are having issues, some less than others. In London, the mortgage market seems to be picking up and bucking the trend. London is not alone in weathering this mortgage storm, regions like Brighton and Leicester are doing better than others too.
Industry expert, Nigel Lewis, from FindaProperty.com has commented “There are many reasons why some postcodes feature a bustling property market. This can include being under priced compared with neighboring areas, which is true in Chorley in Lancashire; attracting people escaping London for a quieter life, for example in Brighton; and economic success in the face of the recession, as with parts of Essex,”
From the research carried out by this organization, they have listed the top 50 postcodes which have the highest number of sales from January 2010 to January 2011 and there are a few surprises.
Brighton and Hove have both featured very high in the recent poll as estate agents across this area reporting a relatively busy period over the last 14 months. There have been 1,505 transactions in Brighton homes alone, compared to the average of 291 property sales per post code across the UK as a whole. The seaside resort was hard hit during the early part of the recession but has appeared to have been one of the best to recover. The Land Registry figures have shown that the average house price in Brighton is £220,550 this January against the average house price of £215,747 a year ago.
Mishon Mackay’s managing director, Alex Mackay has commented that “Our figures show that 35 per cent of all our sales in quarter one were to London buyers, double what it was at the same time last year. And although I don’t think this is necessarily a trend, we are focused on the London market,”
Chelmsford is also quite high up on the top 50 property sales, 12th on the list. The Only Way is Essex hasn’t hurt the popularity of this post code and the report generated has shown that there have been near 1,120 transactions since January 2010 to January 2011. Easy transport links to London have increased the appeal but house prices have not increased due to this factor. The average house price in this region is £190,976 according the Land Registry in January 2011. “Essex in general is under-reported. The train goes straight into Liverpool Street so if you want, relatively speaking, more for your money and you work in the City, anywhere along the train line is a popular option,”
Leicester was a big surprise with average house prices settling at £116,377 with 1,135 transactions, estate agent Nick Owen from Spencers said “We’re a little bit forgotten here in Leicester but we’ve had a lot of infrastructure and regeneration change in the city which has helped the market,”
Still bouncy in the market but you have to look hard for it and contemplate a move to a different region
Story link - Property Prices and Changes by Region
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