What’s Happening In The UK Property Market?
2023-08-18
What’s Happening In The UK Property Market?
Arguably the most comprehensive source of market snapshot data about the UK housing market comes from the TwentyCi consultancy.
In addition to monitoring all the major indices and measures of the market, TwentyCi claims “the UK’s largest and most sophisticated homemover database” with “residential property data at every stage in the purchase journey” - an invaluable source of research for investors.
As a one paragraph snapshot for August here are the headlines: There were 634,854 newly instructed properties on the market. This is 1,047 fewer than in July. There were 1,019 more properties Sold Subject to Contract than in July (427,027 compared to 426,008). There were also 9,671 more properties exchanged in May, June and July (192,355) compared to April, May and June (182,684).
At the time of TwentyCi’s snapshot - August 10 - there were 634,854 residential properties available for sale across the UK.
In July, the South East led the way once again, reporting 103,747 available for sale. This was followed by the East of England with 70,597 for sale. The North West surpassed Inner London in July, registering 67,158 for sale, compared to Inner London's 66,856.
Sales agreed data, which encompasses all UK properties that have been Sold Subject to Contract and are presently undergoing the conveyancing process heading towards completion, showed 427,027 properties across the UK have sales agreed.
The top five regions with the highest number of properties reported as Sold Subject to Contract are:
· South East – 70,098 compared to 69,660 properties in July
· South West - 46,754 compared to 46,374 properties in July
· East of England - 46,592 compared to 46,381 properties in July
· North West - 46,235 compared to 46,140 properties in July
· West Midlands - 33,995 compared to 34,100 properties in July
All the above-listed regions have seen more properties Sold Subject to Contract compared to the previous month apart from West Midlands which saw a slight decline.
The volume of exchanges in the last three months has increased by five per cent compared to the previous quarter, with 9,671 more property sales completed.
The South East continues to be the highest-performing region with 27,798 property completions recorded. The second-highest performer was the North West, with 21,074 completions. Scotland saw the biggest jump, with a 12 per cent rise in completions in May, June and July compared to April, May and June.
TwentyCi chief executive Colin Bradshaw says: “So far, the UK housing market is remaining stubbornly resistant to collapsing despite some commentators’ worst predictions. Clearly, the strength of the housing market is inextricably linked to the health of the general economy and whist this faces uncertainty so does housing. However, the supply side shortage still exists, abundantly so in the rentals sector, and demand still exists, and properties are still transacting so let’s not all run for the hills just yet.”
Arguably the most comprehensive source of market snapshot data about the UK housing market comes from the TwentyCi consultancy.
In addition to monitoring all the major indices and measures of the market, TwentyCi claims “the UK’s largest and most sophisticated homemover database” with “residential property data at every stage in the purchase journey” - an invaluable source of research for investors.
As a one paragraph snapshot for August here are the headlines: There were 634,854 newly instructed properties on the market. This is 1,047 fewer than in July. There were 1,019 more properties Sold Subject to Contract than in July (427,027 compared to 426,008). There were also 9,671 more properties exchanged in May, June and July (192,355) compared to April, May and June (182,684).
At the time of TwentyCi’s snapshot - August 10 - there were 634,854 residential properties available for sale across the UK.
In July, the South East led the way once again, reporting 103,747 available for sale. This was followed by the East of England with 70,597 for sale. The North West surpassed Inner London in July, registering 67,158 for sale, compared to Inner London's 66,856.
Sales agreed data, which encompasses all UK properties that have been Sold Subject to Contract and are presently undergoing the conveyancing process heading towards completion, showed 427,027 properties across the UK have sales agreed.
The top five regions with the highest number of properties reported as Sold Subject to Contract are:
· South East – 70,098 compared to 69,660 properties in July
· South West - 46,754 compared to 46,374 properties in July
· East of England - 46,592 compared to 46,381 properties in July
· North West - 46,235 compared to 46,140 properties in July
· West Midlands - 33,995 compared to 34,100 properties in July
All the above-listed regions have seen more properties Sold Subject to Contract compared to the previous month apart from West Midlands which saw a slight decline.
The volume of exchanges in the last three months has increased by five per cent compared to the previous quarter, with 9,671 more property sales completed.
The South East continues to be the highest-performing region with 27,798 property completions recorded. The second-highest performer was the North West, with 21,074 completions. Scotland saw the biggest jump, with a 12 per cent rise in completions in May, June and July compared to April, May and June.
TwentyCi chief executive Colin Bradshaw says: “So far, the UK housing market is remaining stubbornly resistant to collapsing despite some commentators’ worst predictions. Clearly, the strength of the housing market is inextricably linked to the health of the general economy and whist this faces uncertainty so does housing. However, the supply side shortage still exists, abundantly so in the rentals sector, and demand still exists, and properties are still transacting so let’s not all run for the hills just yet.”
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