Welcome to our July 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 house prices and residential property data at every stage in the purchase journey. Here’s the latest update on the UK’s housing market.
Property Market Summary July 2023
- New Instructions: 635,901
- Sold Subject to Contract: 426,008
- Completions in the last three months: 182,684
UK House Price Growth
The average house price for a property in the UK is £285,932. This is a 2.6% decrease in the average price since last year.
According to the Halifax House Price Index: “To some extent, the annual growth figure also masks the fluctuations we’ve seen in the market over the past 12
months. Average house prices are actually up by +1.5% (£4,000) so far this year, with most of that growth coming in the first quarter, following the sharp fall in prices we saw at the end of last year in the aftermath of the mini-budget.”
See the full Halifax House Price Index report for June.
The current state of the owner-occupied housing market: July 2023
At the time of publishing, there were 635,901 newly instructed properties on the market. This is 27,947 more than reported in our June Pulse.
There were also 19,794 more properties sold subject to contract in June (426,008 compared to 406,214). However, there were 3,929 fewer properties exchanged (182,684 compared to 186,613 in June).
Below, the key stages of the home buying process have been broken down by stages and region.
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 635,901 residential properties available for sale across the UK.
In June, the South East once again broke its record, reporting 104,368 new properties coming onto the market. The second region with the highest number of new instructions was the East of England, with 70,978 new listings. This was closely followed by Inner London and the North West with 67,120 and 66,311 new listings respectively.
Current properties with sales agreed
Our sales agreed data covers all properties in the UK which are sold subject to contract and are currently on the conveyancing journey heading to completion. Sale agreed figures could be seen as an indicator of present demand, showing where people are currently in the process of moving.
At the time of publication, 426,008 properties across the UK have sales agreed.
The top five regions with the highest number of properties reported as sold subject to contract are:
- South East - 69,660 compared to 66,240 properties in June
- East of England - 46,381 compared to 44,363 properties in June
- South West - 46,374 compared to 43,812 properties in June
- North West - 46,140 compared to 44,079 properties in June
- West Midlands - 34,100 compared to 32,227 properties in June
All listed regions have seen more properties sold subject to contract compared to June.
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. Therefore this data set covers all homes which have been newly purchased and moved into. In the three months to July 2023, 182,684 contract completions across the UK have been completed.
3,929 fewer property sales were completed in the three months to July compared to the three months to June.
The continued highest-performing region is the South East, with 26,668 property completions recorded. The next highest performer was the North West, with 20,184 completions.
Colin Bradshaw, CEO, TwentyCi said of the latest property data -
“There has been no shortage of attention-grabbing headlines declaring doom for the housing market of late. The economic backdrop does remain a concern and all eyes should be on whether inflation slows and so interest rates stabilise. But the signs are that the market is proving remarkably resilient”
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