Welcome to our January 2023 Homemover Pulse where we take the pulse of the present UK property market and give a snapshot of current homemover activity.
With the UK’s largest and most sophisticated homemover database, we have unique access to data on house prices and residential property at every stage in the purchase journey. Here’s the latest update on the UK’s housing market.
Property Market Summary 2023
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New Instructions: 472,341 new instructions.
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Sales Agreed: 376,518 sales agreed.
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Completions: 269,404 completions.
UK House Price Growth
The average asking price for a property in the UK is currently £420k, a 9% increase since January 2022.
According to the Halifax House Price Index, this has spiked following the decrease from October to December. With that said, the increase isn’t as high as the spike seen in the period of June to October last year.
The full report is available here.
The current state of the owner-occupied housing market: January 2023
472,341 properties are currently on the market across the UK. 376,518 properties are sold subject to contract (SSTC) and 269,404 property sales were completed in the last three months.
Below, the key stages of the home buying process have been broken down by stages and region.
The South East was the dominant region across the board in regards to new instructions, sales agreed and exchanges being completed.
This was followed by the East of England having the second most exchanges and sale completions. Inner London took second place in regard to new instructions.
Current New Instructions
Our new instructions data covers all residential properties in the UK that are currently available for sale. At the time of publication, there were 472,341 residential properties available for sale across the UK.
The South East continues to be the busiest with 74,971 new instructions, closely followed by Inner London with 54,332 new instructions and the North West with 50,515 new instructions.
The region with the least number of properties coming onto the market is Northern Ireland with 8,529 new instructions, followed by the North East, which had 16,868 new instructions - almost double the number of properties coming onto the market compared to Northern Ireland.
Current properties with sales agreed
Our sales agreed data covers all properties in the UK which are sold subject to contract and currently in the conveyancing journey heading to completion. Sale agreed figures can be seen as an indicator of present demand, showing where people are currently in the process of moving. At the time of publication, there are 376,518 properties across the UK that are sales agreed.
As expected, the South East is seeing the most activity, with 63,035 properties sold subject to contract. This is followed by the East of England with 42,353 sales, which is followed closely by the South West with 41,305 properties being SSTC.
Northern Ireland saw the least activity, however, there were still 11,314 properties listed as sold subject to contract.
Completions in the last three months
Our completions data covers all residential properties in the UK which have undergone contract completion in the last three months. This data set, therefore, covers all homes which have been newly purchased and moved into. In the three months to January 2023, there have been 269,404 contract completions across the UK.
The most completions, once again, took place in the South East, with 43,455 completions. This was followed by the East of England, which had 28,819 completions and the North West, with 28,424 completions.
While the South East continues to be incredibly strong across the board, this has been a positive start for the entire UK property market in 2023. In turn, this means that there are opportunities for retailers operating across the entire home moving journey.
To leverage the opportunities available, retailers can benefit from our homemover data. This information can empower your marketing team, helping them to target people at the right time and place in their home-moving journey.