Residential property sales agreed up 15% year-on-year – TwentyCi

Q1 2024 residential property sales agreed were up by 15% compared with the same period in 2023, according to the TwentyCi Property & Homemover Report.

Transactional levels were seen to be returning to similar volumes to those seen in 2022.

The supply of new instructions was up by 12% compared with Q1 2023, approaching a more ‘normal’ level for the market.

Exchanges were down by 7%, but the research found that this aligned with the stalling of the sales market in Q3 and Q4 2023 following significant rate changes.

In the past five years, the average property price by square foot increased by 21.4%; Wales saw the biggest growth at 28%, which the slowest growth was in London (10%).

In the rental industry, new instructions were 5% higher year-on-year, with lets agreed seeing a 6% increase.

Colin Bradshaw, CEO at TwentyCi, said: “The property market has time and time again, shown how robust it is despite all the gloomy headlines and all that has happened in the wider economy.

“The market momentum, certainly as measured by Sales Agreed, is gaining further positive pace which should be maintained throughout the year.

“Whilst there are some risks arising from the changes in mortgage and employment rates, these are relatively small.

“Overall prices and transaction levels are rising, so it’s a rather rosy picture in the grand scheme of things.”