The rise of property prices in the South East and especially London has been dominating the headlines recently. But another interesting story was recently reported relating to the frequency that properties are bought and sold.
It turns out that the South East, the South West and London are the areas of the country where properties switch hands most frequently – and this is a good sign of a healthy housing market
Properties Sell Most Frequently in the South East
The findings were reported in Property Wire, which took the figures from a research report from My Home Move.
According to the statistics, the South East is the area of the country where houses are sold with the greatest frequency. Here, properties are held for 16 years on average. London and the South West came next, with properties being held in each for 17 years on average.
At the other end of the spectrum, properties in the North East only switch hands every 22 years on average, which is a difference of 36 per cent compared to the South East.
Sign of a Healthy Market
The article suggests that the higher property turnover rate is a good sign for the property market because it signals that the market is healthy.
The main reason that people are buying and selling homes more frequently in the South is due to the higher incomes and stronger job market compared to the North. Where properties are switching hands more frequently, this shows that people are moving to new places for work, buying larger properties for growing families, or downsizing.
It highlighted particular places in the South West that were doing well, such as Bath, Exeter and Bristol. These have vibrant markets, and people often move down to the South West for lifestyle reasons.
Overall, the amount of time between sales has dropped significantly in the last five years. In England, the time has gone down from 25 years to 19 years, signalling a 24 per cent drop, indicative that the housing market has improved along with the economy.
Better wages and lower unemployment mean people are more confident and are more likely to move house. It is also reflects the greater ease of financing a home because of the better availability of mortgages and lower interest rates.
Invest in a Healthy Market
If you are thinking about buying a property, this is another reason why the South East is a good place to invest. As well as the prospect of rising property prices over the coming years, the fact that it is a healthy property market should provide you with even more confidence to invest here – and I’ll be happy to help you get started with your property search in the area.
Call Richard Mottley on 0800 999 5758 or 07769 32 5758 for further information or submit an enquiry here: http://sanderlinghomesearch.com/contact