Home Sale Network Property Market Report

Quarter Three 2006

Traditionally a slower time of the year, due to summer holidays, Quarter Three 2006 was actually very busy for many Home Sale Network agents. Even with the 0.25% increase in interest rates, which could have been detrimental to the property market, the indicators in this survey show that there has been no negative effect.

Whilst enquiries, from both vendors and applicants fell during the Quarter, for those properties already on the market, the sale price achieved as a percentage of the asking price rose, viewings per property remained stable as did exchange to completion times.

Where decreases in measures were reported, as was the case with first-time buyers, the percentage of sales to first-time buyers was still higher than that for Quarter Three 2005, the increase in on market to final offer timescales was still less than that in Quarter Three 2005 by 2 weeks and the property price falls reported for every property type still resulted in higher property prices than that recorded in Quarter Three 2005.

Regionally, Greater London reported a very strong Quarter, with a rise in applicant enquiries, an increase in the number of first-time buyers, stable selling times, property price increases compared to both Quarter Two 2006 and Quarter Three 2005 and the greatest increase in sale price achieved. Wales also reported a strong Quarter with a fall in the number of viewings to achieve a sale compared to Quarter Two 2006 and Quarter Three 2005, the greatest increase in first-time buyers and a reduction in exchange to completion and offer to exchange times compared to both Quarter Two 2006 and Quarter Three 2005.