TwentyCi: ‘We are a long way from a housing market crash’

More stock is coming to the market but the number of sales agreed is slowing, new figures suggest.

Property data company TwentyCi’s latest Homemover Pulse report for September suggests the market is cooling but stops short of calling it a crash.

It found that every region experienced a “significant boost” in new instructions compared with last month, except inner London. 

The greatest increase came in Northern Ireland, with a 17.53% increase. 
Currently, there are 242,164 residential properties available for sale and 327,622 properties with sales agreed across the country, according to TwentyCi.

There have also been 303,852 completions in the last three month.

Its report said: “With continued increases in new instructions, housing stock is being replenished at a faster rate. 

“This is beginning to bring back some balance in the UK housing market. Strong annual house price growth makes an attractive market for sellers looking to request higher prices for their property.”

Currently, there are 242,164 residential properties available for sale, TwentyCi said.

Its data shows there are 327,622 properties with sales agreed across the country, which it adds are starting to wane.
 

TwentyCi said: “This is the third month in a row that sales agreed have remained steady or shown a downturn. 

“With rising mortgage rates, mortgage approvals on a downward trend and increased living costs on much of the UK population’s minds, house purchases might be a bridge too far for many. We’re still a long way off a housing market crash, but things are showing signs of cooling somewhat. 

Scotland was the only region to demonstrate an increase in demand compared with last month, up 2%, while inner London experienced the biggest decline in demand – down 6.89%.  
The South East continues to be the most popular region with 54,547 sales agreed.

There have also been 303,852 completions in the last three months, which is up 4.34% on August.

TwentyCi said transaction times are decreasing, but added: “With a national Bank Holiday announced for the day of the Queen’s state funeral, completions scheduled for 19th September will have to be moved. We await the impact of this with curiosity. 

“With squeezed household budgets, the introduction of the energy price cap and another uncertain time for the UK economy, there are certainly a lot of factors at play in the UK housing market at present.”

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