TwentyCi: Property market remains ‘stubbornly resistant’ to collapse

There is uncertainty in the market but it is still moving, TwentyCi claims.

It comes as figures from the property data company show a dip in new instructions but increased agreed sales and completions.

TwentyCi’s Homemover Pulse market update for August showed there were 634,854 newly instructed properties on the market as of the start of last week - 1,047 fewer than July.

There were 1,019 more properties sold subject to contract than in July, according to the research.

The figures also showed 9,671 more properties exchanged in May, June and July at 192,355, compared with 182,684 during April, May and June.

In July, the South East led the way once again, reporting 103,747 available for sale. This was followed by the East of England with 70,597 for sale. The North West surpassed Inner London in July, registering 67,158 for sale, compared to Inner London's 66,856.

As of the start of last week, 427,027 listed properties across the UK have sales agreed.

For the three-month period ending August 2023, there have been 192,355 contract completions across the UK - up by 5% compared with the previous three-month period, with 9,671 more property sales completed.
 

The South East continues to be the highest-performing region with 27,798 property completions recorded, according to TwentyCi.

The second-highest performer was the North West, with 21,074 completions. Scotland saw the biggest jump, with a 12% rise in completions in May, June and July compared with April, May and June.

Colin Bradshaw, chief executive of TwentyCi, said: “So far, the UK housing market is remaining stubbornly resistant to collapsing despite some commentators’ worst predictions. 

“Clearly, the strength of the housing market is inextricably linked to the health of the general economy and whist this faces uncertainty so does housing. 

“However, the supply side shortage still exists, abundantly so in the rentals sector, and demand still exists, and properties are still transacting so let’s not all run for the hills just yet.”