Up-to-date findings from TwentyCi's Property & Homemover Report Q3 2022
MILTON KEYNES, England, Oct. 20, 2022 /PRNewswire-PRWeb/ -- According to the Q3 Property & Homemovers Report from property and data insight specialist, TwentyCi the housing stock squeeze is beginning to ease. Despite being significantly lower than historical norms most regions now have between 2.5-3 months of supply as at September 2022, up from two months last quarter. This could be a sign that homeowners are beginning to reassess their housing needs as prices soar. At the peak of the pandemic demand for rural 4+ bedroom homes were at a premium, however, with rising costs homeowners could potentially be looking to scale back down to 2/3 bedroom properties.
The report shows that the widely expected recalibration of the property market has yet to be realised. Sales agreed and exchanges are up by 7.7 per cent and 6.8 per cent respectively reflecting the continued buoyancy of the housing market. Price changes and withdrawals remain low with sellers continuing to find less of a need to discount or remain in their property when sales can be achieved more quickly. However, there has been a marked increase in fallen through transactions (20 per cent) which could be a consequence of increases in interest rates and the withdrawal of mortgage offers and products indicating that the market could be coming under stress.
House prices have continued to rise and the average house value in the UK is now £425,000 compared to £344,000 in 2019, an increase of nearly 23 per cent in two years. Wales and the West Midlands have experienced the highest increases both realising a year -on-year 28 per cent rise in prices. The number of people wanting to move also remains high with 400,937 householders say that they are considering a move. At the beginning of October 2022 there were nearly 1.55 million homeowners progressing through the home moving journey.
Sales in Inner London have rebounded with a growth of 23 per cent in comparison to Q3 2019. This is unsurprising given the low level of sales in the Capital during the pandemic. However, despite the entire of the UK seeing a nine per cent year-on-year rise in sales agreed ,another sign of a softening market is the decline or stagnation in the volume of sales across six major cities including Edinburgh (-1.7 per cent), Nottingham (-1 per cent), Plymouth (-0.2 per cent), Manchester (-0.1 per cent), Norwich (0.3 per cent) and Sheffield (0.9 per cent)
Colin Bradshaw TwentyCi's Managing Director comments:
"Whilst we still have not seen a recalibration of the housing market there are signs that we will start to see change. However, if homeowners do look to downsize in response to the cost-of-living crisis then the number of householders in the homemoving journey will remain high. For many sectors this could provide a significant lifeline as the value of this market is significant as a result of their propensity to spend."
ENDS
Notes for editors
TwentyCi is an information and marketing services company that provides UK residential property data, analytics & insight for marketing and other key strategic purposes. Our experience and client portfolio encompasses multiple sectors and categories, including property and estate agency groups, retailers, financial services, automotive and utilities.
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.
Please note that our publication normally provides year-on-year comparison of the residential market, however, given the extraordinary impact on the market arising from the Covid-19 pandemic and the unique events affecting the property market during 2020, for this report the comparison looks back at 2019 to provide a 'near normal' comparison.
Media Contact
Louisa Osmond, TwentyCi, 44 7977401235, [email protected]
SOURCE TwentyCi
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