TwentyCi Property & Homemover – End of Year 2024

Welcome to the TwentyCi Property & Homemover End of Year Report for 2024, compiled using the most robust, reliable, and factual property change sources available.

In this report, we will compare 2024 with 2023 to delve into the impact of the UK’s elevated interest rates and general cost of living challenges on the residential property market.

Whether you’re an industry professional, an investor, or simply interested in the health of the property market, join us as we navigate the key highlights and fluctuations of this period.

The report includes an overview of the state of the nation and unique insights that encompass:

• Factual data (not modelled or sentiment-based)
• Full market coverage
• Demographic overlay
• Property sales data
• Property rental data

The key headlines for 2024:

• Sales Agreed have increased by 17% compared to 2023. In our 2023 report, we observed that a significant brake had been applied to the residential property market from the strong economic headwinds and the significant rise of interest rates and mortgage availability. Whilst many of these challenges persist, the desire to be an owner-occupier and the recalibration of affordability expectations have delivered a market that demonstrates both resilience and renewed momentum.
• In 2024, residential property owners secured 97.1% of their initial asking price. With an average asking price of £407k, this equates to realising £395k.
• Self-employed agents’ market share increased to 1.8% of the total market, with growth in all price bands. While self-employed agents have experienced growth in all regions of the UK (aside from Northern Ireland where the model does not exist), online agents have lost market share everywhere apart from the South-West.
• By the end of 2024, buyers had 605K properties to choose from, up 8.3% from 2023. Availability of stock has increased in all price bands but is more concentrated in properties over £1m.

“The sales market remains robust and buoyant despite the heavy economic weather. By contrast, the rental sector remains under stress. We are already seeing stock reductions of 16.5 percent year-on-year in the lettings sector and this is before the Renters Reform Bill has even become law.

It will be interesting to see how quickly the stated Government aims of increasing housing supply will manifest given all the known supply chain issues and workforce considerations. There are also significant calls for buying and selling reform which are now taking shape. Both factors will impact prices if the stock increases and transactions become easier, the critical questions are by how much and moreover, when?!”

Colin Bradshaw – TwentyCi’s Chief Executive Officer