Property transactions in England and Wales have reached a total value of £99.3bn for the year up to August, even amid a cooling housing market, eXp UK reports.
The real estate platform’s analysis of Land Registry data shows that despite a drop in house prices from last year’s peak, the market has not experienced the significant downturn some predicted.
London leads regional sales with £21.6bn, followed by the South East’s £21bn, while the North East saw £2.6bn in sales. At the local authority level, Kensington and Chelsea topped the chart with £1.6bn in property sales, with Westminster and Wandsworth also seeing high sales volumes.
Adam Day, head of eXp UK, reflected on the market’s resilience: “The property market may have cooled a tad in 2023… But while it’s easy to get carried away with talk of an impending property market armageddon, we simply haven’t seen the drastic reductions that many had predicted at the start of the year, nor are we likely to.”
Day emphasises the market’s enduring strength: “In fact, despite increasing mortgage rates and market uncertainty, the total value of homes changing hands so far this year has been staggering, which demonstrates the strength of the market and our unwavering appetite for homeownership.”
Highlighting that market activity extends beyond the capital, Day points out: “What’s more, this performance hasn’t been confined to the London market with Leeds, Birmingham, Cornwall and Wiltshire all making the top 10 most valuable markets when it comes to the total value of property sold.”
