Market Share by House Value
The total number of sales is down, but of equal importance is the change in the ‘mix’ of sales by value. Recent trends have shown that 37% of all properties sold, have been beneath the £250,000 price level.
Many of these buyers are first time buyers, with sellers of these properties looking to trade up within the local area. This segment of the market stimulates all other sectors.
During 2009 the number of properties sold under £250,000 increased to 52% and 45% during Quarter 1 and Quarter 2 respectively of all house sales. This increase in sales contributed to the strong growth in house sales valued between £250,000 and £500,000 in second half of the year.
The top end of the market has also seen resurgence in sales. Between January 2009 and March 2009 only 16% of sales were above £500,000. By the October this had nearly doubled to 29% of all sales. Proving confidence has now returned to the market.