Welcome to the latest edition of the TwentyCi Property & Homemover Report, providing a comprehensive review of the UK property market, created from the most robust residential research and property change sources available.

Our report provides a real-time review of the UK housing market in Q1 2023, covering 99.6% of all sale and rental moves.

This property market analysis and state of the nation report provides unique insight into the people behind the numbers, creating a picture of the demographic, regional and socio-economic factors impacting the UK housing market, including:

• Factual data (not modelled or sentiment-based)
• Full market coverage
• Demographic overlay
• Property sales data
• Property rental data

This publication compares Q1 2023 and Q1 2019, considered the last calendar year of normal residential property market conditions.

Report Highlights – Q1 2023:

• Sales are down 7.5% in Q1 2023 compared to Q1 2019, but the Sales Agreed to New Instructions ratio remains at pre-pandemic levels. Q1 2023 saw 269k residential sales and nearly 70% of all properties listed have sold so far in 2023.
• The average asking price remains at £420k, 24% higher than in Q1 2019. The significant fall in asking prices anticipated by many commentators has not materialised.
• The availability of Residential Property Stock has improved and is only 9% below pre-pandemic levels.
• Hybrid / Online Agents have failed to capitalise on the cost-of-living challenges. The average market share overall has fallen to 6.5%, down from a high of 8.2% in 2019. They continue to congregate in lower value brackets and have yet to break significantly into the South East.
• The residential rental market is under significant stress. Supply levels are at historic lows, where most regions have less than 1.5 months of stock. Continuing fiscal and regulatory disincentives to private landlords mean the situation is unlikely to ease in the near to medium term.

Colin Bradshaw TwentyCi’s CEO, adds:

“As the dust settles from recent shocks, the residential market is emerging as remarkably robust. Whilst doomsday scenarios can’t be ruled out, it seems there is room for that old phrase cautious optimism. As energy prices ease and interest rates and inflation look set to be near peaks or trending downwards, stable or upside scenarios have certainly started to look more credible.”