2011 in numbers

As 2011 draws to a close, DPG Data & Research have compiled a summary of the key property metrics.

Property Searchers

• Overall consumer confidence remained weak as unemployment rose above 2.5 million and household disposable income growth fell to 2.2%¹
• Even within this context, consumer interest in the property market intensified – the total visits to property websites rose by 12% on 2010²
• Main reasons for moving – 31% of active property searchers need more space, 15% see the move as an investment and 14% are looking to move closer to their workplace³

Sales Market

• Even though stock continued to rise, sales asking prices remained up 0.7% on 2010, supported in part by London where prices rose 5.8%⁴
• The average price of a UK prime property (top 25%) reached a new high of £475,957, driven by a strong prime London market⁵
• Even though the average mortgage rate was lower than in 2010, the forecast highlights only a marginal (+0.9%) rise in gross mortgage lending¹
• Completion prices remained under pressure in England and Wales – down 3.2% year-on-year⁶
• Although, the Registers of Scotland, reported relatively stable completion prices which fell just 0.2% year-on-year⁷
• Transactions are predicted to be down around 4% on 2010¹

Rental Market

• The lettings market remained competitive, with rental asking prices up 1.4%⁸
• Good news for landlords – gross rental yields rose to 5.5%, almost 1% higher than in early 2010⁸
• Additionally, the time on market for a rental property fell 13%⁸

Click here for further information on our Property Indices or please contact:
andrew.smith@tdpg.com

Sources
¹Oxford Economics December 2011
²comScore November 2011
³ResearchNow October 2011
⁴FindaProperty.com House Prices & Affordability Index, December 2011
⁵PrimeLocation.com Prime Index December 2011
⁶Land Registry, House Price Index, October 2011
⁷Registers of Scotland, Quarterly House Price Statistical Report, November 2011
⁸FindaProperty.com Rental Index December 2011