MILTON KEYNES, U.K., April 19, 2021 /PRNewswire-PRWeb/ -- The amount of houses for sale in the UK has reached an all time low according to the latest Q1 2021 Property & Homemovers Report from property and data insight specialist, TwentyCi. Estate agency residential listings have dropped by 50 per cent compared to usual levels; leaving an average of just two months worth of stock on the books.
With 387,673 householders currently saying that they want to move – an increase of two per cent on last quarter and an increase of 30 per cent since Q4 2019; demand is significantly outstripping supply.
The data reveals that the number of homemovers in the home moving journey has also rocketed, up by over 50 per cent year-on-year, with an additional 500,000 households entering, progressing, or completing the process of moving home.
There are currently 360,082 households Moving Soon – a rise of six per cent since Q4 2020, whilst the number of new home owners Settling In has increased by a staggering 84 per cent since last quarter. The number of households Moving Now (265,024) and those that have Just Moved (311,083) have dropped slightly since last quarter indicating the delays being experienced in the conveyancing process due to the bouyant housing market accelerated by the Stamp Duty Holiday and the subsequent holiday extension. This is further reflected by the increase in Sales Agreed (+33 per cent) and Exchanges (+55 per cent) and the drop in prices changes (-six per cent) and the number of properties being withdrawn from the market (-five per cent) since last year. With demand exceeding supply there is less requirement for discounting, whilst less stock (new instructions are down year-on-year by two per cent) encourages buyers to remain in transaction rather than looking for an alternative.
Comments Colin Bradshaw, Chief Customer Officer, TwentyCi:
"The lack of properties coming to the market has the potential to jeopardise or temporarily cause a slow down in the market. Keeping the levels of residential stock to purchase sufficient to satisfy the continued surge in buyer demand, on the back of government stimuli and pandemic induced work and lifestyle changes, is critical to help maintain the economic recovery. Not least due to the value of homemovers to the economy. Homemovers contribute £12 billion to the economy each year delivering more than three per cent GDP. Our direct experience of the categories closely aligned to a home move means this equates to the purchase of over 100,000 beds, 160,000 sofas and nearly 70,000 dining tables. Clearly, these consumers are an incredibly valuable group of customers for many organisations across a wide range of sectors - from retail and home improvements through to financial and insurance companies."
The report shows that average house prices have risen by £13,000 since the same time last year – an average of four per cent. Yorkshire and The Humber have experienced the highest price rises seeing an average increase of 21 per cent. Conversely, Inner London has seen a rise of less than one per cent. The South West has seen the largest increase in the number of sales agreed, experiencing growth of 39 per cent since last year, whilst Peterborough is far and away the most desireable city recording an almost 50 per cent rise in the number of sales agreed year-on year (49 per cent).
In contrast to the owner occupied market, rental prices have fallen. The average monthly asking prices is now £1,331 a drop of two per cent. Everywhere except London have experienced decreases in rental volumes, of between three and 18 per cent. Whilst Inner London has registered an increase of 35 per cent.
Adds Colin Bradshaw, Chief Customer Officer, TwentyCi:
"What is clear is that the pandemic is having a significant inmpact on how we live our lives and therefore what we want from our homes. We are experiencing a shift in lifestyle unseen in decades. With a correction to the supply crisis expected in Q2 it will be interesting to see how the market reacts as the stamp duty holiday extension deadline looms closer."
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.
Louisa Osmond, TwentyCi, +44 7977401235, [email protected]