TwentyCi: Cautious optimism may have replaced doomsday scenarios

There is a sense of “cautious optimism” in the market with sales agreed on the rise despite the number of overall listings dropping, according to TwentyCi.

Figures from the property data company show there are 583,612 properties currently on the market across the UK as of the start of May.
This is 3,993 lower than April though.

However, there were 6,872 more properties sold subject to contract than in April at 381,152 compared with 374,280 and 2,692 more properties have exchanged at 199,937 compared with 197,245, TwentyCi said.

The South East broke the record again for instructions this month, with 95,947 new properties coming onto the market.

The region with the second highest volume of new instructions was the East of England, with 65,182 new listings.

The South East also continues to see the most activity with 61,686 properties listed as sold subject to contract. This is 984 more than in April, TwentyCi said.

The East of England and the North West were runners-up with 41,563 and 41,476 properties at the sales agreed stage.

Looking at completions in the three months to May 2023, TwentyCi said 199,937 sales were completed during the period.

There were 30,338 completions in the three months to May in the South East. This region had the highest volume of completions, however, there were 621 fewer completions compared to April. 

While Northern Ireland had the fewest completions overall, there were 408 more than what was recorded in April. 

Colin Bradshaw, chief executive of TwentyCi, said: “As the dust settles from recent shocks, the residential market is emerging in remarkably robust shape. Whilst doomsday scenarios can’t be ruled out, it seems there is room for that old phrase ‘cautious optimism’. 

“As energy prices ease and interest rates and inflation look set to be near peaks or trending downwards, stable or upside scenarios have certainly started to look more credible.”