Connells figures show sales market slump

Connells says the early 2015 business has picked up from the winter lull but “couldn’t match the beginning of last year” with new applicants and new instructions both down by seven per cent compared to the first quarter of 2014.

The number of viewings is 11 per cent down on the first quarter of last year while the number of offers is eight per cent less. Critically, the number of agreed sales is 10 per cent down on early 2014. 

The number of viewings per offer fell throughout the first few months of 2015 to end the quarter at just over eight viewers per offer - slightly worse than a year ago. 

Prices, however, are three per cent above the final quarter of last year and seven per cent higher than 12 months ago. 

The lettings market made a predictably strong start to the year. The number of new instructions rose by 12 per cent over the same period of last year, although this was overshadowed by the increase in new applications which grew by 17 per cent annually. 

Typical rents are now three per cent higher than in early 2014.

“After the housing market’s stellar start to 2014, it was always going to be a tall order to repeat the feat in 2015” admits Connells group chief executive David Livesey.

“With the housing market enjoying an upturn after previous general elections, there is every chance that a similar feel-good factor this time round will lead to a stronger second quarter than last year and probably therefore a comparable first half overall” he claims.