With the publication of the latest figures for July from the Land Registry, we can now see how June compared to previous years.
• The number of new properties coming onto the market was down by 31% on July last year.
• The number of sales across the UK was UP on July 2008 for the first time since Christmas 2007. However, this has helped keep the total number of individual properties on the market 27% down on July last year as casual sellers stay away although asking prices are up above their long term average.
• Sale prices are still below their six year average confirming a continued an imbalance between asking price and sold price.
• The number of days of unsold inventory is below the long term average of 310 and is nearly 30% down on last year at just 262. This is an important figure which illustrates the number of days of stock available considering the current volumes of sales per day. This level gives some hope to those looking for the market to stabilise although it does not suggest that prices have stopped falling.