But arguably the most exciting news emanating from the Barometer was the estate agents’ view that the percentage of sellers selling in order to emigrate had declined significantly from 20% in the previous quarter to 14% in the final quarter of 2008, this following a steady rise since late 2007. Should this be the start of a downward trend in emigration selling, it would not only provide support for the property market but for the economy as a whole.
Three such headline trends showing improvements are the time property remained on the market, the selling price of property, and first-time entrants into the market. The length of time property remains on the market has shifted. From a peak of 20 weeks and 1 day, Q4 2008 saw the average time on the market fall significantly to 15 weeks and 3 days, by far the most significant drop since the Barometer’s inception back in 2004.