47% Fall In Home Sales Since 2007

North-South housing divide widens; modest recovery in 2010.

2011-04-13

LONDON, ENGLAND, April 13, 2011 (Press-News.org) Mortgage shoppers in the UK may be interested in new research from Lloyds TSB which shows property sales have fallen significantly across England and Wales since 2007 amid a widening North-South housing divide. The number of property sales in England and Wales has almost halved over the past three years, but there has been a clear North-South divide with property sales in the South down by 42% compared with a 51% drop in the North1. Overall, there were 649,957 home sales in England and Wales in 2010; 47% less than in 2007 (1,222,402).

The South West sees the smallest decline in home sales
The southern regions of England recorded the lowest declines in property sales since 2007 with the smallest fall in the South West (-39%). In contrast, the number of home sales in the North declined by 56%, more than in any other region. The North West (-55%) and Yorkshire and the Humber (-53%) experienced the next largest falls.

Modest recovery in sales in 2010 led by London
There was a 6% rise in home sales in England and Wales between 2009 and 2010. Sales increased by 22% in Greater London, far exceeding the rises elsewhere with Wales recording the next biggest increase (7%). East Anglia was the only region not to experience a rise in sales (0%).

Seven out of the ten towns that saw the biggest increases in property sales between 2009 and 2010 are located in the South. Brent in London recorded the largest increase (53%), followed by Tadworth in Surrey (51%).

Esher records the smallest decline in sales
All four towns with the smallest decline in property sales between 2007 and 2010 are in the South East. Housing market activity has proved most resilient since 2007 in the Surrey town of Esher with sales falling by 14.6%; less than a third of the national decline. Outside southern England, Kenilworth in the West Midlands recorded the smallest fall in sales (-24%).

Property sales down most in Birkenhead
Half of the ten towns with the largest declines in home sales since 2007 are in the North West. Birkenhead on Merseyside saw the largest decline (-69%), followed by Burnley and Gainsborough in Lincolnshire (both -68%). No towns in the South feature amongst the ten towns with the biggest falls in sales.

House price growth has generally been stronger in the locations that experienced the lowest falls in home sales. Between 2007 and 2010, house prices rose by an average of 5% across the ten towns that saw the smallest drop in property sales.

Commenting on the research, which may be of particular interest to those currently seeking mortgage advice, Lloyds TSB Housing Economist Suren Thiru said: "The decline in housing market activity over the past three years has been substantial. The current level of activity remains significantly below historic levels despite most regions seeing some increase in transactions in 2010. A North-South divide appears to have opened up in the housing market with both home sales and price growth in the south proving more resilient than the north over the last few years.

"Looking forward, the overall level of activity in the housing market is likely to remain somewhat subdued for the foreseeable future, although regional differences are likely."

EDITORS' NOTES:

1 The North consists of the North East, North West, Yorkshire & the Humber, East Midlands, West Midlands and Wales. The South consists of Greater London, South East, South West and East of England.

The house price and sales data in this report is sourced from the HM Land Registry.

"This report is prepared from information that we believe is collated with care. However, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. Lloyds TSB all rights reserved 2011"

Press Office Contacts:
Nick Osbourne Tel: 0207 356 1714 Mobile: 07872 819 065
Emma Partridge Tel: 01902 325 180 Mobile: 07824 471951

Lloyds TSB is part of Lloyds Banking Group
Tel: 0207 356 2374
Website: http://www.lloydsbankinggroup.com/media.asp

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47% Fall In Home Sales Since 2007

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