TwentyCI - Property and homemove report Q2 2024

TwentyCi, a company that provides data, analysis and metrics on UK residential properties, has produced its latest report covering property and homemover analytics for the second quarter of 2024.

The information provided within this report underlines a more robust property market than has necessarily been the case in the last couple of years.

Of particular note are the main headlines:

1. Sales agreed
2. Exchanges
3. New instructions
4. Residential properties with energy rating of A to C

When the market is depressed because of a variety of factors, such as interest rates and the impact on mortgage loan rates, or the rate of house price increases and inflation rates, there is an impact on prospective buyers wanting to take the plunge and putting in a bid. Factored into this analysis is the affordability of mortgages and the availability of housing stock on the market.

TwentyCi's data analysis shows that the rate of sales being agreed in Q2 is increased to 15.1% in comparison with the same period in 2023. In particular, it is noted that the figure has increased to a something that is greater than the mini-budget under the Truss premiership.

In comparison with the same period in 2023, the number of exchanges has increased by 10%, which shows a recovery from the impact of the interest increases, which were set to manage the increase in inflation. In the last few months, the rate of inflation has decreased to the manageable target set by the Bank of England, which has in turn resulted in the Bank reducing the base rate of interest, thereby impacting the rates at which mortgage lenders offer their products.

Taking the numbers from the same period in 2023, the 2024 Q2 figure for the number of new instructions to put homes on the market shows an increase of 9%.

Because of the improved general stability of the economy, sellers feel more confident about putting their properties on the market. As TwentyCi note in the headlines to their report, this level of new instructions is consistent with a “normal market”, thus underlining the feeling of optimism in the housing market.

One of the growing and critical requirements for any homebuyer is a satisfactorily high rating for the energy performance for the property (ideally within the A, B, or C bands). TwentyCi's data analysis shows that residential properties with a C-rating or higher are far more likely to achieve at or very near the initial asking price set by the seller than those homes in the lower bands.

This metric underlines the increasing importance that homebuyers are placing on the energy-efficiency of the desired property. This is in part driven by the need to lower the overall carbon footprint (as exemplified by the share of the General Election vote by those parties with a focus on green issues), but primarily to reduce the financial outlay for heating the property.

What this information tells us is that the increased optimism in the wider economy and specifically in residential property is allowing homes to be bought more quickly. And, ultimately, that's if you have your eye, head or heart set on a particular residence, you should probably move quickly with your decision.

If you want to take a speedy approach to buying your next home, you'll need support in the legal side of things so that you aren't held back in getting hold of the keys to your desired new home.

And, as far as the legal side of things is concerned, that's where you can rely on Homeward Legal! 

They will start work on your planned purchase (and/or sale) as soon as you agree to the quotation and appoint them to represent you. 

Homeward Legal will also provide a quote that will not change - what you are quoted is what you pay for standard conveyancing process.

There are some unforeseen items that might arise during the purchase and/or sale, but the solicitor discusses these and their cost as they come up. 

In addition, to protect the homebuyer further, Homeward Legal operates a ‘no completion, no fee' promise, which ensures that, should the purchase or sale not go through as planned to completion status, no payment is required.

Call  to get your conveyancing quote started, or to discuss your concerns with your plans to move.

Or you can get a quick quote, using Homeward Legal's easy-to-use quote generator.