UK properties entering the market for sale see a 5 per cent increase year-on-year. High-end properties experience the biggest boom with a 20 per cent increase. Decline in more affordable properties for sale

Wednesday 13th May 2015 – The latest figures from Experian’s Property Index show that between January and March 2015, the number of homes that entered the market for sale hit their highest level since Q1 2010, totalling 229,939. This is a 5.2 per cent increase from the Q1 2014 figure of 218,649.

High-end properties valued over £500k have experienced the biggest boom in 2015, with the number of homes coming to the market for sale in this price band increasing by 20.4 per cent year-on-year. Homes priced between £250k and £500k also witnessed a 17.4 per cent increase. The changes to stamp duty which came into effect at the end of last year may be stimulating the market here with buyers able to make their money go further.

However, while the number of properties entering the market overall has been on the rise, there has been a slight reduction in more affordable properties available. The number of homes for sale between £100k and £250k, and homes valued under £100k, saw decreases of 2.5 per cent and 2.9 per cent respectively.

Jonathan Westley, Managing Director of Consumer Information Services at Experian UK & Ireland, comments: “The dismantling of last year’s supportive housing schemes and stricter lending criteria in place mean that for many of the people looking for more affordable housing, demonstrating their eligibility for mortgages is going to be key. Mortgage applicants must show themselves in the best light to lenders, for instance having a strong credit score, and it is just as important for lenders to support borrowers through the process as best they can. Lenders must ensure they fully understand the applicant’s individual circumstances, particularly their ability to manage the repayments now and in the future, before granting a mortgage.”

Regionally, the South East saw the largest number of properties coming onto the market, with 30,783 homes for sale, a 6.8per cent increase on the Q1 2014 total of 28,825. The Outer Metropolitan region saw the largest percentage increase, with 8,253 houses for sale in Q1 2015, compared to 7,193 in Q1 2014 – a substantial 14.8 per cent increase. This was followed closely by the North West, which experienced a 14.1 per cent year-on-year increase from 25,708 properties in Q1 2014 to 29,319 properties in Q1 2015.

The only UK regions to see a fall in the number of properties available on the market were Scotland and Wales. Scotland experienced a 7.2 per cent drop from the Q1 2014 total of 10,097 to the Q1 2015 total of 9,370, while Wales saw a slight decrease of 0.7 per cent from 11,856 properties to 11,774 properties.

However, Scotland saw a notable boost in the number of properties over £500k coming to the market for sale, showing a 31.4% rise from Q1 2014 to Q1 2015, although this represents a relatively small increase in terms of real numbers, from 306 to 402. The number of homes for sale in the top bracket in Yorkshire and the Humber also saw a significant rise, with the Q1 2014 total of 628 growing to 788 in Q1 2015 – a 25.5 per cent increase.

The table below shows the percentage change from Q1 2014 to Q1 2015 in the number of properties that entered the ‘for sale’ market during this period.

From Q1 2014 to Q1 2015

>£100k

£100k-£250k

£250k-£500k

<£500k

Total

East Midlands

-11.54%

1.06%

20.71%

12.75%

3.39%

East of England

-14.98%

-7.96%

22.63%

25.28%

4.25%

London

-32.66%

-40.39%

12.38%

22.28%

7.25%

North East

9.69%

5.07%

2.17%

0%

6.18%

North West

10.30%

14.69%

18.54%

11.47%

14.05%

Outer Met

-43.57%

-22.10%

39.94%

24.75%

14.74%

Scotland

-16.75%

-8.31%

15.81%

31.37%

-7.20%

South East

-25.09%

-10.25%

19.75%

25.17%

6.79%

South West

-20.01%

-4.97%

18.58%

16.80%

3.28%

Wales

4.42%

-2.21%

-1.24%

-0.26%

-0.69%

West Midlands

-11.07%

0.88%

12.03%

-7.79%

0.74%

Yorkshire and The Humber

2.49%

1.74%

8.90%

25.48%

3.74%

UK

-2.86%

-2.47%

17.36%

20.43%

5.16%

For lenders interested in finding out how information about property type, value and ownership can help them understand and treat their customers more fairly, please visit www.experian.co.uk/property-data

-ENDS-

Notes to editors

Experian’s Quarterly Property Index sources data from a range of UK sales & letting agents.

Contact:

Sarah Muir / Tom Pavey-Smith

Lansons
020 7490 8828
sarahm@lansons.com / thomasps@lansons.com

About Experian

We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft.  In 2014, we were named by Forbes magazine as one of the ‘World’s Most Innovative Companies’.

We employ approximately 17,000 people in 39 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2015, was US$4.8 billion.

To find out more about our company, please visit http://www.experianplc.com or watch our documentary, ‘Inside Experian’.

Top