JW Wood Estate Agents presents a compelling update on the UK property landscape, showcasing remarkable resilience in the face of economic intricacies. The second quarter of this year has witnessed an impressive surge of 14.5% in property sales, attesting to the enduring strength of the market. The Property & Homemover Report for Q2 2023, courtesy of TwentyCi, paints a portrait of a market defined by its unwavering fortitude.
Key Insights from the Research:
A Steady Rise in Sales: The research shines a spotlight on a noteworthy uptick of 14.5% in sales agreed across the UK property sector. The transition from the first to the second quarter saw sales figures ascend from an initial 266,332 to an impressive 304,946. This surge underscores a sustained level of interest, a remarkable achievement given the challenges of inflation and budget constraints.
New Listings and Asking Prices: The report also highlights a commendable 10.6% surge in new property instructions, marking a rise from 402,334 to 445,160 between Q1 and Q2. Furthermore, the upward trajectory of asking prices remains unbroken, with a 6% increase compared to Q1, culminating in an average of £447,000.
Exchanges and Timelines: While the number of exchanges experienced a slight dip of -12.5% since Q1, a result attributed to lower transaction levels stemming from sales agreed in Q4 2022 and Q1 2023, there's a silver lining. The average time to exchange on a property has shortened to 115 days, a positive improvement from the previous year.
Supply Insights and Regional Performance:
Supply Dynamics: Residential sale stock availability has shown improvement across all price brackets, particularly evident in higher price brackets (£350,000 and above). Buyers in these segments are enjoying more choices than before the pandemic. However, supply limitations are more pronounced in the lower end of the pricing scale, particularly for properties priced under £200,000. This segment has seen a 36% decrease in options since 2019, largely attributed to rising average house prices.
Region-wise Performance: A balanced market is apparent when assessing regional performance. Six UK regions have experienced an upswing in asking prices between the first and second quarters of this year. Notably, both Inner and Outer London have shown significant post-pandemic gains, with Inner London boasting a remarkable 6.4% increase and Outer London following suit with a commendable 2.4% rise. Regions such as Northern Ireland, the north east, Yorkshire & the Humber, and the north west have also enjoyed positive asking price growth.
Glimpse into the Future and Economic Considerations:
Eyes on Economic Trends: The recent revelation by the Office for National Statistics (ONS) that inflation fell more than anticipated to 7.9% in the year to June has raised eyebrows. In the midst of economic uncertainties, Colin Bradshaw, CEO of TwentyCi, focuses on the robustness of the UK property market. Despite challenges, the market's enduring strength shines through. Bradshaw underscores that reports of the market's downfall may be overstated, especially in the owner-occupied segment.
At JW Wood Estate Agents, we stand by your side as your trusted guides in navigating the ever changing terrain of the property market. If you would like to discuss any of the data in more detail then please don’t hesitate to contact us.
Source: Adapted from BuyAssociaton
