Property market upbeat and comparable with 2019 despite upcoming Election
As 4th July fast approaches not only has the property market’s activity proven steady since the Election was called, but it has also remained higher than last year in terms of demand and supply.
Buyers and sellers are proving determined to press ahead with their home moves despite the looming General Election, latest research from TwentyEA reveals.
As July 4 fast approaches not only has the property market’s activity proved steady since the Election was called on 22 May, but it has also remained higher than last year in terms of demand and supply.
TwentyEA, part of the TwentyCi group, examined the data across the 14 days following 22 May (23 May to 5 June) and found the number of SSTCs was 51,025, a 9% rise on 46,802 from the same period in 2023.
SUPPLY AND DEMAND
At the same time, the supply of new instructions was 70,049 – a rise of 3.4% from 67,753 last year. Both the demand and supply metrics are more aligned with the same 14 days in 2019 – the last normal market prior to the pandemic. This is a continuation of the activity seen since the start of the year, with the market generally performing well and closely comparable with 2019.
Katy Billany, Executive Director of TwentyEA, says: “There’s a healthy balance in the number of deals being struck compared with the volume of new instructions coming to market.
“Since the start of the year to the end of May, there was a 17.2% rise in the number of price changes compared with last year but this was most likely a sign of sellers becoming more realistic that the frenzied markets of 2021 and 2022 were firmly behind us.”
And she adds: “Fall throughs increased by 11.5% since 2023 and we believe this is closely linked to affordability issues such as the rise in mortgage rates, which have given some buyers cold feet or left them with a change of circumstances. As rates come down, stability will gather pace.”
ENQUIRY LEVELS
The data is also backed up by research from GetAgent.co.uk which found that since the election was called 58% of agents have seen buyer enquiry levels remain consistent, while 16% have actually seen an increase.
Sellers have also been unfazed by the pending political fallout with 57% of agents noting the same level of seller activity since the announcement was made.
Colby Short, Co-founder and Chief Executive of GetAgent.co.uk, says: “The UK property market has continued to demonstrate its extraordinary resilience in recent months.
“The upcoming election is expected to have little impact on the strong level of market activity that has been building so far this year.”
