openPR Logo
Press release

Countrywide reports marginal improvements in the housing market

03-16-2011 03:37 PM CET | Industry, Real Estate & Construction

Press release from: Countrywide

There were some modest signs of improvement in the residential housing sector, with buyer, tenant and mortgage applications increasing in February; according to Countrywide, the UK's largest Property Services Group.
Property viewings - one of the leading indicators of buyer appetite - increased by 40 percent in February[1] across Countrywide's network of 1,300 estate agency and lettings offices. The number of sales agreed also rose 47 percent[2] in February; however, overall sales volumes were 4 percent lower than the same period last year[3].
Despite a marginal increase in the number of properties available to rent in February, lack of supply remains an area of concern. As tenant demand in the private rental sector jumped by 11 percent[4], with over 19,000 new tenants registering for rental accommodation in February
Countrywide operates the UK's largest mortgage broker and the activities of its 650 mortgage consultants have revealed a 40 percent increase in mortgage applications during February. Fixed rate mortgages dominated Countrywide's Top 10 Most Popular Mortgages[5] with 9 out of 10 products being fixed rates. Overall, fixed rate mortgage applications reached their highest level since July 2009, making up 88 percent of all mortgage applications in February, a 4 percent increase on the previous month[6].
Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said;
"We are beginning to see some early signs of improvement in the property market, whether this can be sustained against a backcloth of challenging economic conditions is difficult to determine.
"The reintroduction of competitive mortgage products is the key to turn the increase in buyer activity we've seen into house sales. Gathering a deposit remains a big hurdle for many would-be buyers. With four of the most popular mortgages applied for in February requiring a 10 percent deposit, this shows that the level of demand for these types of mortgages and highlights the issue of affordability. With more mortgages available requiring only a 10 percent deposit there are positive signs of increased lender appetite.
"Ongoing economic pressures and the upward trajectory of inflation will increase pressure on the Bank of England to raise interest rates at some stage, which is why we're seeing an ever-increasing number of people applying for fixed rate products to give themselves the certainty of mortgage payments for between 2 and 5 years."
Market Insight – February 2011
NB: As the UK's largest property services Group, Countrywide compares its monthly and year on year performance figures to provide a unique UK property market insight
Mortgages: (based on the activities of the UK's largest mortgage broker with approximately 650 mortgage consultants)
o Applications: The overall number of mortgage applications rose 40 percent in February compared to January 2011, a decrease of 9 percent compared to February 2010.
o Interest rates: The average interest rate of the Top 10 Most Popular Mortgages applied for by Countrywide customers increased by 0.94 percent to 5.18 percent, compared to January 2011. A 0.66 increase on February 2010
o Deposits: The average deposit required for the Top 10 Most Popular Mortgages was 14 percent, a decrease of 8 percent compared to January 2011. In comparison, the average deposit in February 2010 was 22 percent.
o Early indications: Please view Countrywide's Most Sourced Products to see daily highlights of the most popular mortgage products being sourced by Countrywide's 650 mortgage consultants.
Estate agency: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)
o Property instructions: The number of homeowners putting their properties on the market increased by 37 percent in February compared to January 2011. However, the number of instructions fell by 7 percent compared to February 2010.
o Viewings conducted: The number of viewings conducted rose for the second consecutive month. The total number of viewings rose by 40 percent in February compared to January 2011, a decrease of 1.6 percent on February 2010.
o Sales agreed: The number of sales agreed increased by 47 percent in February compared to January 2011, a decrease 4 percent on February 2010.
o Buyer enquires: The number of new buyer applications rose 23 percent in February compared to January 2010, which was 10 percent lower than the level of applications in February 2010.
Residential Lettings: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)
o Tenant applications: New tenant applications dipped 3 percent in February compared to January 2011. However, new tenant applications increased by 11 percent compared to February 2010.
o Available properties: The number of properties available to rent rose by 1 percent in February compared to the previous month - a 3 percent fall compared to February 2010.
________________________________________
[1] Countrywide: Number of viewings conducted – February 2011 vs January 2011
[2] Countrywide: Percentage increase in the number of sales agreed - February 2011 compared to January 2011
[3] Countywide: Percentage increase in the number of sales agreed – February 2011 vs February 2010
[4] Countrywide: New tenant registrations – February 2011 vs January 2011
[5] Countrywide: The Top 10 Most Popular Mortgages applied for in February
[6] Countrywide: Number of fixed mortgage applications – February 2011 vs January 2011

http://www.countrywide.co.uk

Countrywide is the UK's leading provider of integrated property services, employing around 8,000 personnel nationwide. Its UK network of local brands provides both corporate clients and home movers with a comprehensive range of property related solutions, delivered with valuable local expertise.

Countrywide House
88 - 103 Caldecotte Lake Drive
Caldecotte
Milton Keynes
Buckinghamshire
MK7 8JT

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Countrywide reports marginal improvements in the housing market here

News-ID: 166831 • Views: 1659

More Releases from Countrywide

Commenting on today's budget, Grenville Turner, Chief Executive of Countrywide, …
"The measures announced today are a step in the right direction for the thousands of buyers struggling to get on the property ladder. First time buyers underpin the property market and there is pent up demand for assistance like this. As the UK's largest new build agent, we're confident that the launch of the Firstbuy direct scheme will encourage more first time buyers to purchase new build properties – which
Dixons Estate Agents expand network in Birmingham
Rising confidence in the Birmingham property market has enabled Dixons to expand its branch network across the Midlands with the opening of a new flagship branch in Birmingham City Centre. Operating for over 80 years, the growing market across the Midlands has enabled Dixons to open its 36th office in the region. The new branch is situated opposite the entrance to Birmingham's renowned Mailbox in Westside on the Suffolk Queensway in Birmingham,
Countrywide expands letting operation in the North East
Countrywide, the UK's largest letting agent and property services Group, is continuing its expansion plans with the purchase of North East specialist letting agents Property Quarters. Property Quarters is a long established brand that has been operating in the North East for over 33 years through its flagship branches in North Shields and Whitby Bay. Margaret Longden, Co-Managing Director said: "Property Quarters has always impressed us and we're proud to
Countrywide comment on the findings of the English Housing Survey
Commenting on the findings of the English Housing Survey, Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said; "The UK has traditionally been a nation of homeowners and whilst millions still aspire to buy their own property, current market conditions make that more challenging than usual. Our agents saw a 17 percent increase in new buyer enquires during 2010 but market transaction levels remained flat[1]. "Successive governments have

All 5 Releases


More Releases for February

23rd February is Purple Pinkie Day
Rotary’s pledge for a polio free world was made in 1985 when there were 125 polio endemic countries and hundreds of new cases every single day. Thanks to Rotary, and the support of our partners WHO, Unicef, CDC and the Bill and Melinda Gates Foundation, there are now just three countries still classed as endemic: Pakistan, Nigeria and Afghanistan. To finish the job over 2 billion doses of oral polio
The Residence Bintan opens February 2018
September, 2018: Having established hugely successful properties in the Indian Ocean and North Africa, 2018, will see the Cenizaro group make their first foray into Indonesia with an exciting new opening in Bintan. Located on the east coast of Bintan Island, a short boat-ride from Singapore, The Residence Bintan will open in Winter 2018 amongst lush tropical greenery and breath-taking views of the South China Sea. The hotel will be
Women Entrepreneurs Boot Camp – February 12, 2011
NO THEORY, PHILOSOPHY OR FLUFF! PHOENIX –November 29th, 2010 – Where can a women business owner find powerful, world-class insights and cutting edge strategies? At the seventh annual Women Entrepreneurs’ Small Business Boot Camp, where else? “The full day conference includes two keynote presentations, nine workshops and 50 exhibitors, all providing practical tips and ammunition to fire-up your business,” describes Susan Ratliff, the founder of the state-wide event and
BBB Consumer Alerts for February 2009
BBB Warns of Garner-based Web Retailer Online Weight-Loss Company Highlighted in February Consumer Alerts RALEIGH, N.C. (February 19, 2009) - The Better Business Bureau (BBB) of Eastern North Carolina (www.bbb.org) warns consumers to be cautious when dealing with companies offering free trials, especially when a credit or debit card is used to cover shipping and handling costs. Complaints are being filed regarding the deceptive practices of an online company with a post
Landrush of asia-domains begins February 20
The Sunrise Period of asia-domains has closed at 2008 January 31. Individual companies and the general public will soon be eligible to register for available asia-domains when the Landrush phase kicks off on February 20, 2008. Landrush concludes on March 12, with Go Live scheduled for March 26, 2008. During the Landrush phase anyone around the world can apply for any available asia-domains, representing a golden opportunity for individuals looking to
Analytiqa: Logistics Bulletin: Friday 23rd February
This week\'s Logistics Bulletin takes global expansion as its theme. In the last week, Schneider National has received the go-ahead for operations in China, Thiel Logistik is expanding its presence in South America, DPWN has announced multi million dollar investments in the Middle East and major logistics hubs are to be established in Russia. Elsewhere, computer manufacturer Dell has established a new Global operations organisation, whilst retailer Decathlon is expanding