Latest Market Information Shows Positive Growth in Asking and Sold Prices for UK Property
Published by Magnate Assets on
Jun 28, 2023
According to new research conducted by TwentyEA, the property market has witnessed a significant increase in asking prices at the point of instruction, with a jump of nearly 3.5% over the past year. The data also reveals a remarkable surge of over 24% in asking prices since 2019, showcasing a positive trend despite the challenges posed by rising mortgage rates.
These statistics demonstrate a compound annual growth rate (CAGR) of 4.4% per year, indicating sustained confidence in the market. Exchanged prices have also experienced healthy growth, rising by 4.7% in the last year and over 22% since 2019.
On average, property values have increased by £16,000 in the past year, with a substantial £66,000 growth since 2019.
The percentage gap between initial asking and exchanged prices remains consistent between 2019 and 2023, except for the exceptional circumstances of 2021. This consistency emphasizes the stability of the market across various years.
Katy Billany, executive director of TwentyEA, highlights that Northern Ireland has witnessed the highest year-on-year growth in instruction prices, with a remarkable 9% increase. The North West and Scotland also experienced notable growth rates of 7.5% and 7.1%, respectively.
When considering exchanged prices, Northern Ireland remains at the forefront with the highest growth rate of 8.2%. The South West is the only other region surpassing 7% growth, while Outer London observed the lowest growth in exchanged prices at 2.8%.
Price changes on property listings have seen an increase across all price brackets, particularly in the £200k to £350k range. Notably, the volume of price changes on listings has significantly risen in 2023, making it a defining characteristic of the current year.
Billany comments, "While isolated growth close to 100% in the last year may suggest potential concerns for 2023, a comparison with pre-pandemic data from 2019 indicates that the current level of growth in 2023 is, in fact, the 'norm'."
The research also reveals that London and Northern Ireland experienced the smallest growth in price changes, with rates of 19% and 43%, respectively.
As the property market continues to evolve, Magnate Assets remains committed to providing valuable insights and guidance to investors. Their expertise in the London market and their commitment to client success make them a trusted partner for navigating the dynamic landscape of property investment.
For more detailed analysis and information on property market trends, visit the Magnate Assets blog.
About Magnate Assets:
Magnate Assets is a leading property investment firm dedicated to helping investors build and manage successful property portfolios. With a focus on the UK market, they offer comprehensive services ranging from property sourcing and finance options to tax planning and property management. With their expertise and personalized approach, Magnate Assets empowers investors to achieve their property investment goals.