So following on from last week’s brief mention on the numbers dropping in the week up to Easter, we’ve seen a drop again last week. This, purely in my opinion, is again due to the long Easter weekend and we should see rises again this week. Hopefully I won’t be made to eat my hat!
As we saw from last weeks data, even with the decrease in volume last week, sales and new instructions were still higher than in mid-February, showing the growth in the market since the beginning of this year.
It’s also worth point out now that transaction lengths are currently at around 22 weeks on average throughout the UK, around 50% longer than they were at this time last year before the pandemic struck the UK. Make sure you’re thinking about these transaction lengths when using home mover data for your marketing plans. My colleague Katy recently wrote an article about transaction lengths, take a read here – What Impact Are The Extended Completion Timescales Having
Interestingly, the rental market has seen small increases in transaction volumes last week, even with the long Easter weekend.
What we can also see from the rental data in the above table is that, unlike sales, the volumes are not currently higher than in February, or even at any point of this year so far really. Does this therefore show a tide change in the mindset of renters across the UK to get themselves into property ownership and taking advantage of one of the government schemes for buyers out there currently throughout much of the UK?