Activity in the UK housing market contracted in November, signalling the start of the traditional Christmas slowdown, the NAEA reported this morning.
Its report showed falls in supply of property, demand and the number of sales.
According to the latest figures, the number of sales made by agents fell during November, with the average branch selling just six properties in November compared with eight in October. This represents a year-on-year decrease, with an average of seven sales made in November 2010.
The level of housing stock also went down, falling from an average of 72 per branch in October to 65 in November.
The report also found that applicant levels per branch dropped from an average of 305 in October to 262 in November.
The NAEA claimed that sales to first-time buyers increased slightly, rising from 16% in October to 19% in November.
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Comments
That would be correct PeeBee, although the article says the number of sales overall fell.
An increasing % of a falling total may not actually mean more sales to FTBs took place!
The other numbers in the article back this up. If the average branch sold eight properties in October and six in November, claiming that sales to FTBs rose from 16% to 19% over that period means each EA branch sold 1.28 houses to FTBs in October and 1.14 houses to FTBs in November.
"The NAEA claimed that sales to first-time buyers increased slightly, rising from 16% in October to 19% in November."
NOT SO "slightly", I would suggest.
Amounts to aa 18.75% increase in FTBs actually purchasing.
I wouldn't call that "slight".
Since when has it been called the Christmas Pudding effect?
I tend to find that Christmas Pudding makes me feel fat, uncomfortable and windy (or is that the sprouts...?).
The "Christmas Slowdown" as I have always know it seemed to start in October this year, with a couple of random, unexpected but very welcome good weeks in late November.
Oh well, not to worry, works Christmas do tonight - thick head in the morning