The property market continues to be affected by the uncertainty of a looming Brexit deadline. The latest research by TwentyCi gives the full picture of today’s market, revealing how the current economic climate has affected property sales, which areas have seen the greatest impact, and which regions have flourished regardless.
The new edition of the TwentyCi Property & Homemover Report focuses on Q3 2019, but also gives us a detailed look at the market over the last year. Let’s take a look at the report’s findings, and discuss what it tells us about the national trends of 2019.
The national picture
National trends revealed by the report show a small amount of growth in property exchanges over the past year. The research found that the volume of properties exchanged grew 2.2% year on year, in the 12 month period leading up to September 2019. This is a small increase, so it is indicative of a slow-moving market. However, it also shows a continuation of activity in the market, despite problematic political circumstances.
The effect of pre-Brexit uncertainty is evident when looking at new instructions. The research found a slight dip in the numbers of new instructions. This is indicative of wariness amongst homeowners who are unsure whether or not to take the plunge and list their property at the moment. New government proposals on stamp duty, which could see the duty applied to sellers rather than buyers, could also be adding to this hesitation.
Asking prices: up or down?
Previous reports showed growth in asking prices for properties in the South of the UK and London. These prices have now stabilised, and the region as a whole has seen a slight decline over the last year. However, the North of the country has experienced a rise in asking prices. This trend can be seen throughout the North and the Midlands.
The top rises in Q3 2019 occurred in Scotland, where prices grew by 7% to an average of £190,953. Other growing areas include the North West, which experienced a 5% rise, and Yorkshire and the Humber, where prices rose by 4%. At the other end of the scale we have regions such as the South West, where prices fell by 1%, and the South East, where prices fell by 2%. In London, the average asking price decreased by 3% to £670,287.
Asking prices in UK cities
Homes in the UK’s biggest cities are always sought-after, but these bustling metropolises aren’t immune to the effect of dwindling prices. Decreases in asking prices were most pronounced in cities such as London, Southampton and Birmingham over the last year. In some cities, such as Manchester, Peterborough and Plymouth, average asking prices remained the same as the previous year.
The picture is far better in the vast majority of UK cities, however, with many achieving quite a boost in average asking prices. Top performers include Leeds, where asking prices grew by 7%, as well as Glasgow and Newcastle upon Tyne, where prices grew by 6%. The market remains strong in Nottingham too, with asking prices up by 5% throughout the city.
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There has been much talk of falling prices and stagnating markets as a result of Brexit, and for some UK regions this is the case. However, the market remains buoyant in a good proportion of UK regions, particularly when we look at some of our largest towns and cities. To learn more about how asking prices have changed over the past year, and what impact the political climate has had on average prices throughout the country, make sure you take a look at TwentyEA’s highights of the latest Property & Homemover Report.