MILTON KEYNES, U.K.,
April 19, 2021 /PRNewswire-PRWeb/ --
The amount of houses for sale in the UK has reached an all time low
according to the latest Q1 2021 Property & Homemovers Report
from property and data insight specialist, TwentyCi. Estate agency
residential listings have dropped by 50 per cent compared to usual
levels; leaving an average of just two months worth of stock on the
books.
With 387,673 householders currently saying that they want to
move – an increase of two per cent on last quarter and an increase
of 30 per cent since Q4 2019; demand is significantly outstripping
supply.
The data reveals that the number of homemovers in the home
moving journey has also rocketed, up by over 50 per cent
year-on-year, with an additional 500,000 households entering,
progressing, or completing the process of moving home.
There are currently 360,082 households Moving Soon – a rise of
six per cent since Q4 2020, whilst the number of new home owners
Settling In has increased by a staggering 84 per cent since last
quarter. The number of households Moving Now (265,024) and those
that have Just Moved (311,083) have dropped slightly since last
quarter indicating the delays being experienced in the conveyancing
process due to the bouyant housing market accelerated by the Stamp
Duty Holiday and the subsequent holiday extension. This is further
reflected by the increase in Sales Agreed (+33 per cent) and
Exchanges (+55 per cent) and the drop in prices changes (-six per
cent) and the number of properties being withdrawn from the market
(-five per cent) since last year. With demand exceeding supply
there is less requirement for discounting, whilst less stock (new
instructions are down year-on-year by two per cent) encourages
buyers to remain in transaction rather than looking for an
alternative.
Comments Colin Bradshaw, Chief
Customer Officer, TwentyCi:
"The lack of properties coming to the market has the potential to
jeopardise or temporarily cause a slow down in the market. Keeping
the levels of residential stock to purchase sufficient to satisfy
the continued surge in buyer demand, on the back of government
stimuli and pandemic induced work and lifestyle changes, is
critical to help maintain the economic recovery. Not least due to
the value of homemovers to the economy. Homemovers contribute £12
billion to the economy each year delivering more than three per
cent GDP. Our direct experience of the categories closely aligned
to a home move means this equates to the purchase of over 100,000
beds, 160,000 sofas and nearly 70,000 dining tables. Clearly, these
consumers are an incredibly valuable group of customers for many
organisations across a wide range of sectors - from retail and home
improvements through to financial and insurance companies."
The report shows that average house prices have risen by £13,000
since the same time last year – an average of four per cent.
Yorkshire and The Humber have
experienced the highest price rises seeing an average increase of
21 per cent. Conversely, Inner London has seen a rise of less than
one per cent. The South West has seen the largest increase in the
number of sales agreed, experiencing growth of 39 per cent since
last year, whilst Peterborough is
far and away the most desireable city recording an almost 50 per
cent rise in the number of sales agreed year-on year (49 per
cent).
In contrast to the owner occupied market, rental prices have
fallen. The average monthly asking prices is now £1,331 a drop of
two per cent. Everywhere except London have experienced decreases in rental
volumes, of between three and 18 per cent. Whilst Inner London has
registered an increase of 35 per cent.
Adds Colin Bradshaw, Chief
Customer Officer, TwentyCi:
"What is clear is that the pandemic is having a significant inmpact
on how we live our lives and therefore what we want from our homes.
We are experiencing a shift in lifestyle unseen in decades. With a
correction to the supply crisis expected in Q2 it will be
interesting to see how the market reacts as the stamp duty holiday
extension deadline looms closer."
ENDS
Notes for editors
TwentyCi is a homemover & buyhavioural data agency that
delivers strategic data, insight and engagement solutions.
Holding the UK's largest and richest resource of factual homemover
data compiled from more than 29 billion qualified data points,
TwentyCi works with advertisers and their agencies to create
contextually targeted marketing programmes that cut through by
reaching consumers at the exact moment that they need a company's
product or service, through the best media channel for that
individual.
Media Contact
Louisa Osmond, TwentyCi, +44
7977401235, louisa.osmond@outlook.com
SOURCE TwentyCi