Property market sales figures reveal strength in late 2009
8th Mar 2010
- 61% of last year's total sales transactions occurred in last 6 months
- Number of properties sold in second half of 2009 up 35% on 2008
- Houses prices up 4.7% in last half of 2009, a gain of 2.5% for year
- England property sales volumes flat in 2009 but Scotland down 33%
New figures out today from leading property website Zoopla.co.uk reveal the extent of the property market turbulence last year. While property sales in Britain in 2009 were 6.8% lower than a year earlier, it was very much a year of two halves. The number of properties that changed hands in the first 6 months of last year (273,015) was down 36.9% on 2008 but the second half of 2009 showed a 34.6% surge in sales transactions (421,732) compared to the last half of 2008.
While home values in Britain managed a gain of 2.5% over 2009, average house prices fell 2.2% over the first 6 months of the year (from £205,607 to £201,067) before recovering in the second half by 4.7% to reach an average value of £210,661 by the year end, according to the latest figures form Zoopla.co.uk. One of the biggest factors in the house price rebound in the second half of last year was the recovery in market activity with increased transaction volumes leading to higher property prices.
Transaction volumes were particularly strong in the fourth quarter of 2009, up by double-digits in all regions compared to 2008 with the exception of Scotland where sales levels have been slow to recover and were up only 8% in Q4 09 versus the previous year and were down 33% for the full year 2009, compared to a decline of only 1% in England and 12% in Wales.
Nicholas Leeming, Commercial Director of Zoopla.co.uk, commented: "2009 was a tale of two halves for the UK property market. The first half of the year was pretty poor coming off a year of transaction volumes at historic lows. The second half of the year was a different story as sales started to bounce back strongly, particularly in the south where buyers returned to the market as prices became tempting and to take advantage of the stamp duty holiday."
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Notes to editors
Zoopla.co.uk is the UK's most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.
Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Our unique features allow users to gain an insight into the market and discover information they won't find anywhere else. And, as a result, we have become one of the most valued sources of both applicant and vendor leads for UK estate agents.
Launched in 2008, we are the fastest growing property website in the UK, now attracting over 12 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Web User, Daily Mail Awards, Website of the Year).
Zoopla Limited is a privately held company with a highly experienced and proven management team, led by Founder and CEO, Alex Chesterman, and backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).