Buyers and sellers are proving decided to press forward with their house strikes, regardless of the looming General Election, analysis from TwentyEA reveals.
Not solely has the property market’s exercise proved regular because the election was referred to as on May 22, nevertheless it has additionally remained increased than final yr when it comes to demand and provide.
TwentyEA examined the info throughout the 14 days following 22 May (23 May to five June) and located the variety of bought topic to contracts (SSTCs) was 51,025, a 9% rise on 46,802 from the identical interval in 2023.
At the identical time, the availability of latest directions was 70,049 – an increase of three.4% from 67,753 final yr. Both the demand and provide metrics are extra aligned with the identical 14 days in 2019 – the final regular market previous to the pandemic.
This is a continuation of the exercise seen because the begin of the yr, with the market usually performing effectively and intently comparable with 2019. The provide of latest directions for the primary 5 months of 2024 was at a six yr excessive of 763,651. This determine was up by 13% in contrast with the identical interval final yr and 5% in 2019. Demand (the variety of SSTCs) rose by 17% from 2023 to 529,172, rising 5.5% from 2019.
The provide/demand ratio was 69.3% from January to May 2024. This was barely up on final yr’s 67.1% however again in-line with the extra regular market of 2019 when it was 69%.
Across all areas of the UK, provide ranges have been increased than final yr. The desk beneath reveals the 5 areas the place they elevated essentially the most.
TwentyEA government director Katy Billany stated: “With exercise remaining regular regardless of the upcoming election, the market is trying fairly upbeat and is comparable with 2019, the interval previous to the pandemic.
“There’s a wholesome steadiness within the variety of offers being struck in contrast with the quantity of latest directions coming to market.
“Since the beginning of the yr to the top of May, there was a 17.2% rise within the variety of worth modifications in contrast with final yr however this was almost certainly an indication of sellers turning into extra sensible that the frenzied markets of 2021 and 2022 have been firmly behind us.
She added: “Fall throughs elevated by 11.5% since 2023 and we imagine that is intently linked to affordability points such because the rise in mortgage charges, which have given some consumers chilly ft or left them with a change of circumstances. As charges come down, stability will collect tempo.”
