14.6% Drop in the Purfleet and Thurrock Property Markets
by Paul Tobias-Gibbins
THE number of residential property transactions in Thurrock will be 14.6 percent lower in 2018, compared to 2017.
According to my research, the seasonally adjusted statistics for our local authority area suggest with the number of properties already sold in 2018, and the number of properties currently under offer or sold subject to contract (allowing for property sales to fall through before exchange of contracts) we, as an area, will end the year 14.59 per cent lower compared to 2017.
The Transaction Numbers
So why are transaction numbers so important to Purfleet homeowners, landlords and potential first-time buyers?
Many economists and property market commentators believe transaction numbers give a more precise and truthful indicator of the health of the property market, over just general house values. In the six years before the Credit Crunch in 2007/8, the average number of completed property transactions in the local area (the local authority covered by Thurrock) stood at 4,152 per year .. yet in the three years following the Credit Crunch, only 1,530 homes were changing hands each year in the area on average.
Roll the clock forward to more recent times. Last year in 2017 – 2,763 homes changed hands (i.e. transacted and sold), not far off the local authority’s 23 year overall average of 3,058 homes per year.
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