New research reveals that the first quarter of this year witnessed 269k residential sales and around 70 per cent of all properties listed in the first quarter have sold so far this year
Around 70 per cent of all properties listed for sale in Q1 2023 have sold, according to latest figures.
The new research from TwentyCi reveals that the first quarter of this year witnessed 269k residential sales and around 70 per cent of all properties listed in the first quarter have sold so far this year. New Instructions are down on the quarter, but this disguises a considerable increase in new supply into the market in March.
Sales agreed and exchanges are down as well, but based on March activity, the property market could be on an upward trend. Fall throughs, price modifications and withdrawals have all risen, but stay exceptionally less in view of the extraordinary coincidence of economic and geo-political shocks.
Volumes are only slightly lower in the first quarter of this year when compared to 2019. Notably, around 70 per cent of all properties listed have sold so far this year, in an environment where prices are still 24 per cent higher than the pre-pandemic levels.
Colin Bradshaw, Chief Executive Officer at TwentyCi, stated: Our Q1 2023 report provides a comparison with 2019 which is broadly considered to be the last term with normal market conditions. The interceding duration is full of quantum shocks including the upheaval of the covid crisis; the fiscal policy changes effected through the Stamp Duty holiday; monetary policy raising interest rates to tackle inflation; and the brief, but damaging term of Liz Truss as PM.
Many media commentators would have us believe the property market is in free fall. Whilst the level of transactions and price hikes is not matching the volumes or inflation seen in the past three years, a modification was always possible, he said.
In reality the property market has shown a strong performance against considerable and determined headwinds, he said.
Sales agreed across the UK were on average 7.5 per cent lower in the first quarter of this year, compared to the first quarter of 2019. It is a general scenario across the regions and cities, with only the North East, Inner London and Scotland avoiding negative numbers.
He said: The South East is the powerhouse and bellwether of the UK property market, so the 6 per cent decline speaks to the headwinds faced recently.