If you are persuaded by numbers, then this summer will have been a very pleasant time for you - so long as you are a home owner. If you or your kids are looking to get onto the housing ladder, then the numbers will make depressing reading.
We think that the Prime Central London market peaked at the start of 2008. Using that as the top, we can see that whilst asking prices are still 7% off where they were then, sale prices (the number that really matters) is just 1% below where they were then and a very encouraging 19% up on last summer.
Volumes of sales are creeping back and the 44% increase in the number of homes sold in London just underlines how thin the market was last year. We are still 16% below the number sold when values peaked in 2008 but, as you will see, we are just half the number sold in the summer of 2007.
The supply of new stock has picked up with 41% more homes coming onto the market across the UK every day when compared to July last year. We remain some way behind the volume of new stock in 2007.
Sales of houses over £2m has picked up 22% when compared to last year but 45 sales is still 27% below the number that changed hands in 2008.
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