A research shows that the total value of homes sold across England in 2023 came in at more than £154.7 billion
The latest research from eXp UK has found that while £154.7 billion worth of property was sold across England in 2023, slower market conditions saw this total drop by 48% when compared to 2022, a difference of £141 billion.
The research shows that the total value of homes sold across England in 2023 came in at more than £154.7 billion. While an impressive figure in itself, this was 48% lower on the previous year, meaning that sellers spent £141 billion less in 2023 compared to 2022.
This reduced spending came because of more challenging market conditions, with higher interest rates putting a squeeze on buyer purchasing power, reducing not only the price they were willing to pay but also the number of buyers committing to a purchase.
As a result, the average house price across England ended the year 2.1% down annually, while there were 47% fewer transactions in 2023 compared to 2022.
London was the worst-hit region in this respect, recording the biggest annual drop of all regions of England, with the average value of a home dropping 4.8%.
Nonetheless, it was Bedfordshire that saw the biggest year-on-year drop in the total level of homes sold. £1.64 billion worth of homes sold across the county in 2023, a drop of 56% compared to 2022.
Buckinghamshire (53%), Lincolnshire (52%), Cambridgeshire (52%) and Northamptonshire (52%) also saw some of the biggest YoY declines in the total value of homes sold.
Head of eXp UK, Adam Day, said: 2023 was a challenging year for the property market and higher interest rates coupled with broader market uncertainty caused many buyers to remain sitting on the fence, while those who did take the plunge did so tentatively.
He added: While this did result in an annual decline in the average house price, the drop seen was far more marginal than many had expected and, all things considered, the property market has stood strong, he said.
He added: Nevertheless, when viewing the market based on the total value of homes sold, these marginal declines soon add up.
