Q3 property exchanges rocket 30% year on year on properties over £200k reports TwentyCi
LONDON--(BUSINESS WIRE)--Oct 10, 2018--Instant download of the report.
Property exchanges have rocketed 30% year on year for properties over £200k, while overall property exchanges are up over 11% compared to a year ago - contradicting predictions of 2018 market slowdown the latest TwentyCi Property & Homemover Report for Q3 2018 has revealed - the most comprehensive real time review of the UK housing market.
There was also a 36% increase in the number of detached properties exchanging in Q3 and a 16% growth in the number of exchanges amongst 46-66 year old movers compared to last year (123,466 properties). Amongst silver economy movers there was an equal 16% growth in exchanges, while representing a smaller number (62,085) of properties. Yet, amongst 36-45 year olds there was just a 3% growth in exchanges – the lowest of all age groups.
Terraced and semi-detached houses continued to make up the largest proportion of property sales - consistently comprising over 50% of all exchanges every quarter, reflecting the core UK housing stock. While new instructions are up 2.5% year on year, if this exchange growth persists, the lack of available housing stock coming to market may frustrate buyers which in turn may start to push house prices up from the modest 1.9% increase in the last 12 months.
Comments Colin Bradshaw, TwentyCi’s Chief Customer Officer: “2018 has seen a significant increase in the number of home buyers and sellers finalising their transaction. Whilst this is good news for those in the home moving journey, the lacklustre volume of properties coming to market has the potential to thwart demand.
“This in turn has the potential to push up prices as demand outstrips supply, particularly with the most desirable properties and within the most desirable areas. Equally of course, with the uncertainty over prices and the ability to purchase post Brexit as people bide their time to see how the markets react we could likewise see demand falling away leading to a fall in prices.”
Online Estate Agents
The market share of online estate agents revealed an unexpected 6% fall in all residential exchanges compared to Q2 and now represent an overall market share of 7.2%. Colin Bradshaw, TwentyCi’s Chief Customer Officer says: “Given the significant and continuing investment in advertising by the pure play online agents one might have expected their market share growth to have continued to climb, so this fall in their number of exchanges is unexpected.
“We’re also seeing some movement to focus on traditional approaches with Connells Group terminating their online offering with the closure of Hatched. A blip in the road or bellwether signs of structural market change? Only time will tell.”
New build booms in London
The latest report found that the percentage of housing stock available to buy as new builds varies widely across the UK. In East Central London this was a massive 23% of stock, while West London was the lowest this still represented nearly 8% in Q3. Across other major UK cities in Manchester new builds represented over 7% of housing stock in Q3 while Cardiff was under 4%.
Percentage of housing stock available to buy that is new builds
Ownership or rental
The London Enigma is also clearly evident in the rental market. In major cities, one third of housing stock available in Q3 was rental, while in London this has risen to two thirds of all properties. This continued in balance reflects the type of housing tenure available and the lack of affordability in London. Across major UK cities the average tenure is now over 4 years and London over 3.5 years.
Friday remains the most popular day of the week to complete on a property, with nearly half of all moves at the end of the week in 2018 and just 10% on Tuesdays.
**All data is based on Q3 2018 vs Q3 2017 year-on-year comparison unless otherwise stated.
Editor’s notes – The TwentyCi national Property & Homemover ReportCustomer insights company, TwentyCi’s Property & Homemover report is a comprehensive review of the UK property market, created from the most robust property change sources available – providing a real time review of the UK market and covering 96.6% of all property moves (both sales and rentals). This ‘state of the nation’ report provides unique insight into the people behind the numbers, creating a picture of the demographic, regional and socio-economic factors impacting the housing market including:
√ Factual data (not modelled or sentiment-based)
√ Full market coverage
√ Demographic overlay
√ Property sales data
√ Property rental data
√ Real-time dataThe TwentyCi National Property & Homemover Report is published quarterly
TwentyCi is a specialist customer insights company with exclusive access to more than 29 billion qualified property change sources across the whole property sector. It works with leading brands to create targeted marketing programmes across many different sectors including property, furniture, DIY, travel, automotive, telecoms and utilities.
Unlike other housing reports, which cover only a sub-section of the market or are based on sentiment, TwentyCi’s report is based on factual data covering 99.6% of both the property sales and rental markets, in addition to tracking sales momentum. For more information visit http://www.twentyci.co.uk
View source version on businesswire.com:https://www.businesswire.com/news/home/20181009005875/en/
Andrew Baud/Becky Charman
+44 (0) 7957 474568
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
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PUB: 10/10/2018 01:00 AM/DISC: 10/10/2018 01:00 AM