Wednesday, August 12, 2020
UK

Rise in volume of exchanged properties a “positive activity”, claims TwentyCI

The volume of exchanged properties in the UK increased six per cent in the second quarter is a sign of “positive activity” in the housing market, a new report from TwentyCI has claimed

The volume of exchanged properties increased six per cent in the second quarter, a sign of “positive activity” in the housing market, a new report from TwentyCI has claimed.

It noted that 992,000 properties were exchanged during the quarter, showing “sustained growth”, while new instructions grew by two per cent to reach 1.8 million.

TwentyCI suggested this was a sign of the gradual increase in confidence among homeowners to bring their property to market, and noted that with a lack of supply hampering the market this was a positive development.

The firm argued that with the Brexit saga still ongoing, homeowners were getting on with moving house rather than considering the situation a reason to delay any further,

Chief customer officer at TwentyCI, Colin Bradshaw cautioned that the current political climate had led to a slower moving market, but added that the overall picture is encouraging however, with signs of growth maintained for the three months to the end of June. Consumer confidence may have yet to fully return, but there are indications of recovery.

Looking at regional asking prices, TwentyCI noted that beyond the East and West Midlands, the growth in average asking prices was limited to the North East and Scotland, which had seen increases of four per cent and two per cent respectively.

In contrast the market was found to be more subdued in the south, with prices down three per cent in the East, two per cent in London and one per cent in the South East.

TwentyCI suggested that this north-south divide likely reflected the increased availability, and greater affordability, of properties in northern areas.

The report also noted that the market share of online agents when it comes to property exchanges has dropped slightly, from 7.5 per cent in the first quarter to 7.3 per cent this time around.

Bradshaw noted that online agent popularity continues to typically resonate with the lower-value end of the housing market and from primarily northern regions of the UK where more properties of this nature are located.

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