How was October for you?

With the latest Land Registry numbers in we now have the complete picture for October. Surveys from Rightmove, Halifax, Land Registry and Revenue and Customs all produced ‘November’ reports which actually cover October.

The Nationwide numbers mirror the Halifax and are produced a couple of days earlier to try and steal their thunder. They are usually more optimistic and are based only on advances in the month in question. With around 7% of the market and with transaction volumes in October at just 83,000 the Nationwide sample used to produce ‘average house prices’ could be based on as few as 5,000 transactions. Thats two sales in every town in the country.

Average asking prices (Rightmove) are 2% higher than October last year with sold prices down 1% (Halifax). The number of both new homes on the market and the number sold is up on 12 months ago. The number of new properties coming to the market is down by more than 50% on 2003.

The Days of Inventory (the current stock divided by the rate at which they are selling) is 35% down on 2008 and at 253 days it is below the long term average of 308 supporting those who suggest that the lack of supply is underpinning house prices.