Over the past three months, the UK recorded over 203,588 property completions, according to TwentyCi’s Homemover Pulse for September 2023.
Providing an overview of the current UK residential property market and homemover activity, TwentyCi’s report found that the average house price stands at around £279,569.
This marks a 4.6% decrease in the average price since last year.
The Homeowner Pulse data also revealed that, at the time of publishing, there were 640,016 residential properties for sale in the UK.
This represents an increase of 5,162 properties when compared to the findings from TwentyCi’s August Pulse.
In September, there were 4,657 fewer properties Sold Subject to Contract (SSTC) than in August (422,370 compared to 427,027).
However, exchanges increased with 11,233 more properties exchanged in June, July and August (203,588) compared to May, June and July (192,355).
The data revealed that the South East was the area with the most available property, with over 104,319 properties currently for sale.
This was followed by the East of England with 71,198 for sale, while the North West secured the third spot with 67,669.
The was also a 6% increase in the volume of exchanges in the past three months compared to the previous three month period, with 11,233 more property sales completed.
The South East remains the highest-performing region with 29,355 property completions recorded.
This is followed by the second-highest performer, the North West, with 22,541 completions.
Yorkshire and the Humber had the largest jump in completions with a 9% rise in June, July and August compared to May, June and July.
Stuart Ducker, strategic solutions director at TwentyCi, said: “It’s great to see that despite the challenging economic circumstances our nation currently finds itself faced with, the housing market is proving to be resilient.
“In contrast to the stock shortage that we observed in 2021 and the first three quarters of 2022, there is now significantly more choice for buyers, particularly at the mid to high price levels.
“Whilst availability of housing stock for sale is increasing, we recognise that the affordability of this stock has worsened over the past few months.”
He added: “We remain hopeful that increasing competition for new customers by UK lenders will in part ease this burden on buyers.
“After all, private renting has become significantly less financially attractive over the last few years with rents higher than they have ever been.
“If buyers can afford the monthly payments of current mortgage interest rates, it’s a great time to buy as the longer-term outlook for UK house prices remains positive due to the general lack of housing stock.”
