BAR Affiliates TwentyCi have produced their quarterly Property & Homemover report for quarter one of 2024.

This report offers an insightful glimpse into trends and noteworthy developments that have shaped the property market during this period. We provide a real-time assessment of the UK residential market, covering 99.6% of all sale and rental property moves.
The report includes an overview of the state of the nation and unique insights that encompass:
•Factual data (not modelled or sentiment-based)
•Full market coverage
•Property sales data
•Property rental data

Summary:

Residential Property Sales Agreed:
•Q1 2024 has seen significant momentum return to the residential property sector.
•Sales Agreed are up by 15% compared to Q1 2023.
•Transactional levels are returning to the volumes seen in 2022, before the seismic events of the preceding year, including those attributed to the Truss/Kwarteng tenure and the challenges of mortgage affordability and availability.
•With the economic headwinds abating, we anticipate that the market will remain buoyant in the foreseeable future.

Residential Property -Price Per Square Foot:
•In the last 5 years, the average price per square foot has increased by 21.4%.
•Wales has seen the most price growth at 28%, followed closely by Northern Ireland.
•The slowest growth experienced has been in London at around 10%.

The Most Challenging Places in the UK to Sell a Residential Property:
•The region in the UK posing the greatest challenge for property sales is Inner London, and in particular within West Brompton, Chelsea, Paddington, Bayswater, Hyde Park, Little Venice, Westbourne Green, Notting Hill, South Kensington and Knightsbridge.

Hybrid Agents:
•The market share for exchanges stands at 5.2% for Q1 2024, down from 6.5% in Q1 2023.
•The traditional High Street agencies can be considered to have seen off the threat of the hybrid agents, at this moment in time.
•Self-employed agents within this category account for 34% of New Instructions in Q1 2024.

 

Please click here to read the full report.

 

Source: TwentyCi