A Closer Look at the UK Property Market

Industry Reports

Assessing the property market in the UK can be challenging, with conflicting reports and ever-changing circumstances. The Easter holidays, for example, saw UK property sales fall by 12.9%. However, the UK Property Market Stats Show has since reported that the UK property market has now had its best week for sales since September 2022. 

The Financial Times has also reported that the property market is stabilising following the recent surge in mortgage costs, and the latest Property and Homemover Report from TwentyCI shows signs that the property market has “demonstrated a robust performance against significant and determined headwinds.”

The Numbers

When analysing the last week in April 2023, the UK Property Market Stats Show revealed there were 37,217 property listings, the highest weekly figure on listings since March 2021. This figure is much stronger than the weekly average of 33,294 for the previous month and 31,831 per week since the beginning of 2023.

In terms of the first quarter of this year, the latest Property and Homemover Report from TwentyCI suggests that 70% of residential properties listed between January and March 2023 have been sold - 269,000 in total. Whilst sales are down 7.5% compared to the same period four years ago, activity in March and beyond suggests the property market could be on an upward trend. TwentyCI reported that whilst the level of transactions and price increases is not matching the volumes or inflation seen in the last three years, a recalibration was always likely. As energy prices ease and interest rates and inflation look set to be nearing their peaks or trending downwards, stable or upside scenarios have certainly started to look more credible.

When analysing house prices, The Times Money Mentor has found that house prices have begun to rise. When analysing data from various sources, they found that figures from Nationwide put the average house price at £260,441, an increase of 0.5% from April and a 2.7% fall over the year. Asking prices are also moving upwards, with Rightmove reporting that average asking prices reached £366,247 in April, a 0.2% increase from the month before. 

Our sales director, Beth Sharpe, commented "There are a number of factors contributing to the housing market's vitality. For one, the economy is recovering and unemployment is falling, which means more people have the financial means to buy a home. Interest rates are also still relatively low, which makes it more affordable to borrow money. This is especially good news for first-time buyers, who may not have as much savings to put towards a down payment. Whilst affordability remains a concern, you can be reassured that we are starting to see more mortgage applications being approved every day." 

What's Happening in our Regions?

But what does this all mean for prices? According to the latest Land Registry data, in areas like Newbury, Hungerford, and Lambourn, prices have increased by over 6% in the last year alone and 12% over the last 5 years. In our Marlborough and Devizes areas, these figures are double!

So if you're looking to buy or rent a property, or if you need expert advice on selling or renting your own property, why not give your local Jones Robinson branch a call? Our team of experienced agents is always here to help, and we'll keep you updated with the latest market news and insights.

Conclusion

Whilst the market has clearly been impacted by the cost of living crisis, the recent increases in listings, sales and house prices suggests that if you are considering selling your property, it is worth exploring your options and speaking to an expert.

As a business, we believe in strong values; not only maximising the value of your home but remaining true to our aim of looking after the interests of our clients. Our team is therefore ideally suited to giving you honest advice about the best approach to selling your property and achieving your goals when it comes to your home. 

We constantly analyse the market, local area and tools we are using to ensure we get the best value for your home. Our approach includes utilising our easy-to-use website, network of local offices, large database of buyers, distinctive brochures with great photography and detailed floor plans, and advertising your properties on both Rightmove, Zoopla and social media - call your local office if you'd like advice!

About Jones Robinson

As leading local estate agents in Newbury, Lambourn & Hungerford, Marlborough, Devizes and with a sister office, Church Robinson in Didcot, we are best placed to help you sell or let your property and of course to help you find your next home, whether you're buying or renting.

By offering a personalised service we can tailor the sale and timeline to your requirements as we don’t believe the ‘one size fits all’ approach works in this Industry.

The way we work is very transparent with a clear sales process, so you know what to expect.

Contact us today to find out how we can help you sell your home, and for advice and guidance on the local area.