UK Property Market Update
Quarter three of 2019 has seen a continued increase in the number of properties exchanged; showing a growth of 2.2% year on year. Simultaneously, there has been a slight decline in the year to September 2019 of -1.7% in new properties coming onto the market. Here we break down the figures and take a closer look at what’s being going on in the UK property market:
Property prices– during Q3 the number of exchanges had increased compared to the same period last year, in particular properties valued at £300k and below have seen the greatest number of sales. Properties valued over the £1M mark have seen some improvement compared to the number of exchanges in Q3 of 2018.
Property type– the greatest increase in the number of exchanges have been seen amongst semi-detached and terraced houses. Growth, to a lesser extent, has also been seen amongst exchanges in bungalows and detached homes.
Lifestages- The 18-35 age group is leading the way as this group has seen the greater number of property exchanges, which appears to indicate an improvement in the first time buyer’s ability to get on the housing ladder. There is some growth in the exchanges from the 66+ age group.
Household income– Notably, the buying and selling activity in the last quarter of the year is predominantly amongst households with an income of between £20,000 and £50,000.
Nationally- in the year to the end of September 2019, 966k exchanges have taken place, 1715k properties have been under new instruction; 212k sales have fallen through; 801k sales have been withdrawn and 1016k have been sold subject to contract.
Asking price- the average asking prices have increased in the North and the Midlands. London and the South have seen prices decline slightly. Most major cities have seen an increase in average asking prices, the only real exceptions being Birmingham, London and Southampton.