property index

The property market is remaining fairly robust despite the difficult economic outlook and the general pessimism surrounding most things financial, according to the MyMoney24 Property Index.

The index, produced in association with Agency Express, showed that the number of properties sold during 2011 fell by just 2.8pc compared with the year before – a smaller decrease than many had feared.

Regionally, there were some pockets of growth. London, Wales, East Anglia and the Midlands all saw a rise in the number of properties changing hands. The biggest falls were in the North-East and Yorkshire.

“Last year was very challenging for the UK property market,” said Stephen Watson, managing director of Agency Express.

“A potent cocktail of government austerity measures combined with the eurozone banking crisis, a lack of affordable mortgages and growing pressures on household finances have all seriously impacted on the market.

“Despite all these factors, though, our index shows that 2011 has managed to hold its ground against 2010 and, across several regions, actually produced positive growth, which is very promising.”

He added: “Looking ahead at what 2012 has in store for the market, I believe we have another challenging year ahead as the factors impacting 2011 will still be in play throughout 2012.

“Our index does highlight, though, that if properties are realistically priced and the traditional stand-off between vendor and purchaser can be bridged, properties will sell.”

Agency Express provides a nationwide estate-agency board service, with the property index based on demand for Sold and For Sale boards.