‘Resilient’ property market shows TwentyCi Q4 analysis – with no early signs of a ‘Boris bounce’January 14, 2020
TwentyCi releases its national Property & Homemover Report for Q4 2019 – the most comprehensive real time review of the UK housing market
- Property exchanges increase slightly by 0.8% year on year
- Asking prices remain flat overall with modest 2% growth in London year on year, along with the North-West, Yorkshire & Humber
- New instruction volumes fall 3.4% year on year
- Online agents take 10% of market share at the lower end of the market for first time
Download the report here
The latest TwentyCi Property & Homemover Report for Q4 2019 – the most comprehensive real time review of the property market – shows continued resilience in the property market over the last quarter – while indications from the first days of the New Year show no early signs yet of a ‘Boris bounce’ in new instructions or average asking prices.
Overall property exchange volumes increased slightly year on year by 0.8%, with 928,234 homes exchanged in the 12 months to the end of the year. Yearly volume for Q4 comprised 1,673,845 new instructions, a fall of 3.4% to December 2019 to 225,069 fall throughs and 798,110 withdrawals to change agent or withdraw from the market.
Asking prices remained flat overall across the country during the last quarter of the year, with some price growth in London (2%), across Scotland (4%) and the North of the UK (1-2%). In comparison, many areas in the south of the country saw a slight decline overall last year, showing a small percentage reduction in average asking prices (-1-4%), with the exception of London.
This resilience in average asking prices despite the large political and economic uncertainty in 2019 is consistent with the shortage of housing stock currently available, which has enabled sellers to maintain close to their desired price.
Colin Bradshaw, Chief Customer Officer, TwentyCi: “The unprecedented turmoil of 2019 has demonstrated the resilience of the UK property market with transaction volumes and average prices remaining remarkably stable against a back drop of political upheaval and economic threats.
“Consumers have still been behaving hesitantly when it comes to both buying and selling their homes, however with Brexit now planned for later this month, we could see a welcome boost to the slow-moving property market of 2019, at least in the short term as people look to get on with the job of moving house.”
Middle England to drive the ‘Boris bounce’
The much anticipated ‘Boris bounce’ is yet to materialise in the first weeks of 2020. However, with consumer confidence reported as up and Brexit confirmed for the end of January, many property analysts expect the first quarter to see an uplift in the level of transactions. In particular if caution subsides within the power house of the property market of ‘Middle England, Middle Income’ a significant and material change to the market could occur in a relatively short space of time.
Colin Bradshaw, Chief Customer Officer, TwentyCi: “The value of Homemovers to the UK economy…