TwentyCi has recently released the latest version of the Homemover Pulse for February 2023.
The Homemover Pulse is where we take the pulse of the present UK property market and give a snapshot of the current market activity. This pulse uses TwentyCi’s home mover database – the UK’s largest and more sophisticated homemover database. We have unique access to data on house prices and residential property throughout the purchase journey.
Property Market Summary February 2023
- New Instructions – 529k properties on the market compared to 404k last year
- Sold Subject to Contract – 352k Sales progressing compared to 465k last year
- Completions in the last 3 months – 246k
The current state of the residential housing market: February 2023
There are currently 529k properties on the market across the UK and 352k properties that are SSTC with sales progressing. When looking regionally, this is what it looks like:
As has been the case for the past few months, the South East continues to dominate in regard to new instructions, with 84,232 new properties coming onto the market. Inner London was the second busiest, with 60,763 new instructions, closely followed by the East of England and the North West with 57,572 and 57,349 new instructions respectively.
The regions with the least amount of properties coming onto the market are Northern Ireland, with 8,856 new instructions and the North East with 18,502 new instructions.
There are fewer properties coming on to the market when compared to this time last year. However February has seen more new instructions compared to last month which continues a strong start to 2023.
Once again the South East dominates with 57,975 properties sold subject to contract. The East of England and the North West are the second and third most popular, with 39,237 and 38,838 properties sales agreed respectively.
The regions with the least number of properties sold subject to contract are Northern Ireland, with 10,846 properties sold subject and the North East with 13,303 properties at the sales agreed stage of the sales journey.
The region with the greatest number of contract completions, once again, took place in the South East, with 39,942 completions. This was followed by the North West, with 26,168 completions, the East of England, with 26,152 completions and the South West, with 26,076 completions.
Northern Ireland had the least activity in the last three months, with 5,307 completions, followed by the North East with 9,652 completions in the last three months.