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TwentyCi Property & Homemover - Q3 2024

Welcome to the TwentyCi Property & Homemover Report for Q3 2024, compiled using the most robust, reliable, and factual property change sources available. 

In this report, we will primarily compare Q3 2024 with Q3 2023 to provide a comprehensive view of how 12 months of inflationary pressures, elevated interest rates, and general cost-of-living challenges have impacted the residential property market. 

Whether you’re an industry professional, an investor, or simply interested in the health of the property market, join us as we navigate the key highlights and fluctuations of this period. 

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 Q3 2024:

  • Sales Agreed are up by 23.4% compared to Q3 2023 and are higher than in 2019.  Sales agreed have returned to a healthy trajectory across the entire country and showing that demand has remained unaffected by July’s parliamentary election.
  • Exchanges are up by 10.9% compared to Q3 2023. The market continues to bounce back from the slowdown experienced by hikes in the interest rate during Q3 and Q4 of 2023.
  • New Instructions are up by 8.8% compared to Q3 2023. At the time of writing, the supply of properties for sale in the UK is higher than at any point in the last six years.
  • Are Landlords Exiting the Market? The proportion of former rental properties being sold in London is far higher than the UK average of just 9%.
  • Renting Vs. Buying. Despite improved mortgage affordability, first-time buyers across the UK are still better off renting except in the south of the country, where market conditions are now more favourable towards property purchases. 

“With the reappearance of sub-4% mortgages, demand will get a boost in the autumn, driven by the August rate cut and the potential for another reduction before the end of the year. The only fly in the ointment is the private rental sector. Many landlords are either planning to exit or have already left the market due to concerns over new legislation (rental reform) and new regulations around energy efficiency standards. This leaves tenants fighting over even fewer rental properties and may prompt more renters to pursue homeownership if they have the financial means. In terms of the sales sector though, the property market is maintaining its stride. We saw growth throughout the last quarter, driven by solid wage increases and sustained consumer confidence in the property market.” 

Colin Bradshaw – TwentyCi’s Chief Executive Officer

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