LONDON, Jan. 22, 2021 /PRNewswire-PRWeb/ -- The most desirable residences in the UK post COVID-19 are detached, 5 bed, £375,000 homes based in the East or South East of England, reveals the latest Property & Homemovers Report from property data and insight specialist, TwentyCi, such as this property in Fakenham, Norfolk https://www.rightmove.co.uk/properties/94627376#/
The data reveals that the East and South East of England have experienced the highest year-on-year increase in sales agreed achieving growth of 21 per cent and 20 per cent respectively. In general, sales agreed numbers have surpassed 2019 by over 10 per cent reflecting the continued buoyancy of the property market following last quarter's (Q3 2019) record highs.
House prices across the UK have also risen with the average asking price now standing at £375,000 compared to £347,000 in 2019; an increase of eight per cent. The Midlands have experienced the highest surge in asking prices seeing a 12 per cent rise. Conversely, Inner London has recorded the lowest increase at just two per cent, reflecting the national desire for more space as a result of lockdowns and the need to work from home.
Unsurprisingly, detached houses are seeing the most demand experiencing an uplift of sales agreed of 24 per cent since 2019, four and five bedroom houses have also recorded the most sales experiencing uplifts of 31 per cent and 25 per cent respectively. By contrast, one bedroom properties have experienced a decline of two per cent.
The report finds that over 1.5 million UK households are currently wanting to move, moving soon, moving now, just moved or are settling in to their new home according. This uplift of almost 20 per cent since 2019, provides a welcome boost to the economy since homemovers are proven to be the most valuable group of consumers spending more than £12 billion a year over and above the transactional value of their new homes, equating to three percent GDP.
Comments Colin Bradshaw, Chief Customer Officer of TwentyCi:
"The data clearly shows that COVID has impacted our residential tastes. Where once Inner London was considered desirable, now larger, more rural properties are sought after. The Stamp Duty holiday continues to encourage movement in the market and those at the beginning of the homemover journey will be racing to complete the conveyancy process before the holiday comes to an end in March. Maintaining this momentum will be critical for both the economy in general and for businesses that attract the huge spend made by people moving home."
Other key findings include:
- There are currently 550,000 property sales agreed, these are up 10 per cent year-on-year
- New instructions in 2020 remained level at 1.6 million
- Exchanges are currently down by five per cent in comparison to 2019, as a result of COVID restrictions and demand for conveyancing outstripping supply, but a rush of completions is expected over the coming months as home movers look to expedite the conveyancing process to beat the stamp duty holiday deadline
- Price changes and withdrawals dropped by 17 per cent and nine per cent respectively reflecting market buoyancy where demand is outstripping supply
- The lettings sector has softened significantly seeing a fall of close to 10 per cent on new instructions (eight per cent), lets agreed (eight percent) and lets (11 per cent)
Notes for editors
TwentyCi is a homemover & buyhavioural data agency that delivers strategic data, insight and engagement solutions. Holding the UK's largest and richest resource of factual homemover data compiled from more than 29 billion qualified data points, TwentyCi works with advertisers and their agencies to create contextually targeted marketing programmes that cut through by reaching consumers at the exact moment that they need a company's product or service, through the best media channel for that individual.
Media Contact
Louisa Osmond, TwentyCi, +44 7977401235, [email protected]
SOURCE TwentyCi
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