The UK property market has experienced a dramatic upturn, with the number of homes sold subject to contract (SSTCs) in February climbing by 23% compared to the same month last year, indicating a resilient sector with expectations of continued growth in 2024.
Data from TwentyEA has highlighted that sales agreed in February soared to 105,878, a significant increase from 86,395 in February 2023, and also surpassed the February 2019 figures by 9.2%, which stood at 96,950, reflecting an optimistic stance within the market.
Katy Billany, executive director of TwentyEA, part of the TwentyCi Group, said: “While the year on year rise of deals being struck is significant, it’s also extremely encouraging to see a large increase compared with 2019 – the last ‘normal’ year within the market before it was affected by the pandemic and Liz Truss’ Budget.
“Although mortgage rates have reduced, they are still much higher than they were two years ago, therefore our latest stats show buyer demand remains upbeat and sellers are determined despite the rate rises, an impactful cost of living crisis and a possible change of Government.
“These numbers are indicative of sellers who have become more realistic around pricing as well as a market which is seeming much more positive overall.”
In February, there were 148,442 new instructions – 11.45% higher than the previous month and 14.9% higher than in February 2023, while the average asking price reached £426,076 and £349,187 for an exchanged property.
The percentage of initial asking price achieved was 98.28% – up from 97.96% in February 2023.
Encouragingly, fall-throughs are also down year on year from 27.14% in February 2023 to 24.66% in February 2024.
