Asking prices for property at the point of instruction have jumped nearly 3.5% during the past year, new research reveals.

The market has also seen a leap of more than 24% in asking prices since 2019, the data from TwentyEA shows.

Despite the upheaval caused by rising mortgage rates, the findings are evidence of some confidence still in the market.

These statistics represent a compound annual growth rate (CAGR) of 4.4% per year.

Exchanged prices have also grown at a healthy 4.7% over the course of the last year, and above 22% since 2019.

On the average property, growth in the last year equates to £16,000, with £66,000 since 2019.

Exchanged prices

In percentage terms, the gap between the initial asking and exchanged prices is roughly the same in 2023 as it was in 2019. In fact, aside from the ‘magical’ year of 2021, the percentage gap is roughly the same across all other years.

Katy Billany, executive director of TwentyEA, says: “The growth in instruction prices year on year has been highest in Northern Ireland (9%), the North West (7.5%) and Scotland (7.1%).

“In terms of exchanged prices, Northern Ireland again saw the highest growth rate at 8.2% and the only other region above 7% was the South West. Outer London saw the lowest exchanged price growth at 2.8.”

Substantial

Price changes on listings have increased in every price bracket, but most notably in the £200k to £350k range.  A feature of 2023 to date has been the substantial increase in the volume of price changes on listings.

“Looking at the last year’s movement in isolation (with growth close to 100%), it suggests that it may be an issue in 2023. However, when we compare the data to pre-pandemic 2019, we see that the level in 2023 is in fact the ‘norm’,” Billany continues.

“As we can see from our research, London and Northern Ireland have experienced the smallest growth in price changes (19% and 43% respectively).”