How was March for you?

All the main indices are now out for March, the most recent month for which we have ALL the data. These have been brought together as usual in a table comparing March every year back to 2003 which you can download by clicking on the image above.

The market was still settling into it’s stride following the heavy snows of early January, the end of the last Stamp Duty holiday when the threshold fell to £125,000 but before the impact of the upcoming election had dampened everyones enthusiasm.

The Supply of new properties had increased compared to the previous March by 17% and the number of sales had risen by 28%. However both supply and demand were still well below the long term average with the total number of homes on the market at 733,000 as against a more typical one million.

2,387 homes sold each day across the UK well below the average over the past seven years of 3,654. A 35% fall in business for estate agents and others associated with house sales.

This increase in demand was interpreted by some sellers as a reason to raise asking prices (to £235k) up 6% on the year before. Buyers however were paying an average of just £168k according to the Halifax, only £1,220 more than the rolling average.

If a home is worth what someone will pay for it then vendors seem to be very optimistic at present as this gap between average asking prices and average sale prices is now at £67,000.