The Index, based on the volume and activity status of ‘For Sale’ and ‘Sold’ boards across the UK, reveals the number of ‘Sold’ signs instructed by estate agents in May rose to its second highest level since May last year (only March was higher) - showing a 1.7% increase on April and a 123.2% increase on December 2008’s two-year low.
To back up the feeling that confidence is returning to the market, the Index also reports a 2.1% increase from April to May in the number of ‘For Sale’ boards being erected - the fourth month out of the last five that the number of new ‘For Sale’ boards has increased on the previous month since December 2008.
Further results from May show that:
- There were 88.2% more ‘For Sale’ boards erected than in December – the lowest month’s activity on record.
- May’s new ‘For Sale’ board activity is still 44.6% down on last May and 63.6% down on the highest recorded month in the last 2.5 years (which was May 2007).
Stephen Watson, managing director, Agency Express, said: “The new Agency Express Property Activity Index is based on data collected since January 2007 and shows that there are definite signs of a recovery in the residential housing market. More properties are getting sold now than they have been for 12 months and more people are deciding that now is the time to put their house up for sale. Because our data is gathered from the very start of the house sale chain we’re confident it’s a good indicator of activity which will be reflected in other housing indexes in three or four months’ time.”
