Property market “thawing”

Property market “thawing”

January figures from TwentyCi indicate that the property market is “thawing”.

The latest data from TwentyCi reveals that supply of new instructions for sale was up 4.3% in January 2022 versus the prior year, whereas demand in the sale market has fallen sharply by 17% compared to 2021. Demand is still up by 3.5% compared to the last “normal” year of 2019, however.

January figures show that the market appears to be picking up and may not be as bad as experts have feared.

The table below shows the volumes of new instructions and sales agreed for the whole month of January 2022 and compares these with prior years back to 2019.

Below is a comparison of a 7-day moving average of instruction volumes per day, which reveals that, despite a very poor start of supply volumes this year (the thick purple line), daily volumes have started to rise in comparison to 2021. Whilst still not at the dizzy heights of 2019 and 2020, it does appear that the market is moving in the right direction.

The report also shows large regional variations in the supply of new properties for sale in January 2022. The market is likely to see far more flats listed in London than houses in the South West.

Properties coming to market in January 2022 are around 16% more likely to be flats than houses. Today, 27% of all property listed for sale in the UK are flats.

Geographical distribution of new properties to market has also changed. Comparing January 2022 with January 2019, property coming to the market is now much more likely to be in inner-London and much less likely to be in the South West.

Today's Conveyancer

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