TwentyCi analysts have been closely monitoring demand levels in the owner-occupied residential property market and are pleased to report a positive upward trend. During the first 3 weeks of January, we saw like-for-like demand (measured by the volume of agreed property sales) at 15% higher in 2023 compared to 2022.
When we also compare figures to 2019, we see an upward trend in demand emerging. In December 2023, we noted that demand was only 1.2% off the levels we observed in 2019 and far out surpassed 2022. As we’ve moved into 2024, the first 3 weeks of the year have seen demand 3% up on 2019. A really positive sign. Demand is a fundamental driver in the property market that sets off a chain reaction of positive effects including increased market confidence and higher property prices.
Strategic Solutions Director, Stuart Ducker stated:
“TwentyCi will of course continue to monitor demand levels with interest in the coming weeks. As it stands, and notwithstanding any further interest rate rises, it appears that 2024 will be a year of recovery for the property market! We spoke of ‘green shoots’ at the back end of the year and it’s looking more and more like these will take root.”