Our newest blog series, Delving into Data, will regularly review our Home Mover Universe, bringing you the latest news into various aspects of the UK housing market.
For this first in this series, we focus on the recent Brexit announcement, and consider: what is the current state of the British housing market, compared to pre-Brexit times?
- New for Sales Instructions have now fallen to post-Brexit levels but have increased in volume over the course of the last two weeks
- Sold Subject to Contract notifications have remained on or around pre-Brexit levels
- The number of houses currently on the market for sale is roughly 1.5m, compared to 1.7m pre-Brexit. This is a decrease of near 11%. The number of rental properties has also decreased from around 1m pre-Brexit, to 850k
- The number of properties withdrawn from sale on average has decreased since Brexit; the number of exchanges has also decreased but at a more gradual rate
- There is evidence to suggest that there are a lot more price reductions in the market post-Brexit and that the number of sales that have fallen through are still at a higher level
- Overall however, the UK property market remains buoyant
Look out for our next Delving into Data feature on our Insights page.