PHMR-Q1-2024-FRONTCOVER

TwentyCi Property & Homemover - Q1 2024

Welcome to the latest edition of the TwentyCi Property & Homemover Report, providing a comprehensive review of the UK property market, created from the most robust residential research and property change sources available.

In this report, we will primarily compare Q1 2024 with Q1 2023 to enable a considered view of whether the UK’s inflationary pressures, elevated interest rates and general cost of living challenges continue to impact the residential property market. The report includes an overview of the state of the nation and unique insights that encompass: 

  • Factual data (not modelled or sentiment-based)
  • Full market coverage
  • Demographic overlay
  • Property sales data
  • Property rental data

The key headlines for Q1 2024:

  • Sales Agreed are up by 15% compared to Q1 2023. Transactional levels are returning to the volumes seen in 2022, before the seismic events of the preceding year, including those attributed to the Truss/Kwarteng tenure and the challenges of mortgage affordability and availability.
  • In the last 5 years, the average price per square foot has increased by 21.4%. Wales has seen the most price growth at 28%, followed closely by Northern Ireland. The slowest growth experienced has been in London at around 10%.
  • Hybrid Agent’s market share for exchanges stands at 5.2% for Q1 2024, down from 6.5% in Q1 2023. The traditional High Street agencies can be considered to have seen off the threat of the Hybrid agents, at this moment in time.

The property market has time and time again, shown how robust it is despite all the gloomy headlines and all that has happened in the wider economy. The market momentum, certainly as measured by Sales Agreed, is gaining further positive pace which should be maintained throughout the year. Whilst there are some risks arising from the changes in mortgage and employment rates, these are relatively small. Overall prices and transaction levels are rising, so it’s a rather rosy picture in the grand scheme of things.” 

Colin Bradshaw – TwentyCi’s Chief Executive Officer

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