Where is the housing market headed?

AS EVER the national picture is as confusing as ever.

The number of sale completions, where people actually buy a house, looks set to end the year at just under one million transactions, which is about five per cent points down on most predictions.

Many agents complain about a lack of stock coming to the market, exacerbated by the number of new start-up estate agencies all looking for a slice of the market.

Countrywide recently issued a profits warning to the stock market, and we hear similar tales of woe from the large national corporate agents.

Despite this, or because of it, house prices are said to have risen by about 9.5 per cent in the rolling 12 months to October end.

On the bright side the government is pledging to support the industry to build an extra one million homes by 2020 and the Bank of England is now suggesting that present interest rate levels will continue into 2017.

Locally Perry Bishop and Chambers report completions UP by four per cent year to date and a healthy pipeline of sales.

The autumn market has been as strong as expected and there are still high numbers of buyers looking in our relatively buoyant economic area.

We also report house prices to be up about 10 per cent year on year.

The market is much less seasonal than it used to be, we are on track to report a good November and expect activity right through to the Christmas holiday.

Phillip Bishop said: "We are happy with the strong autumn market and expect this to continue through December. Anyone thinking of moving house should be listing their property ready now for the new year. The busiest day of the year for buyers looking is Boxing Day so we advise that you commence marketing your home now ready for 2016".