Shock tumble in completions during first six months of 2023
Across the nation both completions and total market values of homes sold fell by more than 50% across every area of England and Wales, Land Registry figures reveal.
The completions pipeline has fallen dramatically during the first half of the year with just 147,223 homes sold across England and Wales sold for an estimated £52.5 billion – a whopping 54% drop in transactions, research from agency Barrows and Forrester reveals today.
And there has also been a massive 57% reduction in the total market value of homes sold when compared to the five months prior.
The estate and lettings agent analysed sold price data from the Land Registry looking at the level of property transactions to have completed between January and May of this year (latest available), the total estimated market value of these transactions and how this level of market activity compares to the five months prior (August to December 2022).
DROPPED
The average sold price of these properties also dropped by 7% and as a result the estimated total market value of homes sold so far in 2023 sits at £52.4 billion – some 57% below the total market value of homes sold during the previous five months.
Across the nation both transactions and total market values of homes sold fell by more than 50% across every area of England and Wales.
The London market witnessed the greatest decline in transaction volumes with just 15,638 homes sold so far this year, a drop of 57%. The East of England (-56%) and South East (-56%) have also seen some of the largest reductions in transaction levels.
DECLINE
But it’s the East of England that has seen the largest decline at -59%, with the South East (-58%) and London (-58%) again placing within the top three.
James Forrester, Managing Director of Barrows and Forrester, says: “We’ve seen a worryingly consistent performance across the board. Not only has there been a drop in the average price a home is selling for across every region but we’ve also seen transaction levels more than half compared to the back end of last year.
“As a result, the total market value of homes sold has taken a significant hit and this demonstrates the reversal in fortunes that sellers now face, with fewer buyers fighting it out for available stock and doing so at a lower price point than previously.”
