Normally at this time of year, you can really see the market quietening down for the festive period. And this year has been no different really.
The surprising factor is that October is normally 25% down on levels of new instructions from September and then November is only 10% down on levels of new instructions from October. (December is expected to be 70% down on November!) Sales figures slide, but perhaps not as drastically, and the figures this year for new instructions are bang on trend. However, for sales agreed, it has been anything but bang on trend in November!
Sales agreed soared in October by 50% compared to September and only went down by a fraction in November. But we agreed more sales in November 2012 than in September 2012 - unheard of!
But what does all this mean? Well, we think that this has to be a sign of the market, as a whole, improving. We are predicting the first 6 months of next year to show an increase in transactions, with a 2% rise in house prices over the course of 2013.
Agents and sellers must be careful though; buyers aren't stupid and if prices become too over-inflated, the market will stutter again.
Similarly, if the government make any policy changes, or the BoE increase interest rates by too much, we will also see hesitation in the market.
However, with no Royal Weddings, no Olympics and no Jubilees, we should see a consistent year, rather than the last 2 having major blips at critical times of the year!
December will be quiet, so if you're selling, don't get downhearted - it is just the time of year.
I'm sure we'll post again nearer to Xmas, so speak to you then!