During April, Twentyci released their first report for 2019 (Q1-2019) with a ‘state of the industry’ overview. There are some good bits – and some bad!
They reported that:
Exchanges still up in a subdued property market. New property instructions drop 5.3% year on year, but exchanges rise 7.4%
The not-so-magnificent seven. Online market share holds steady at around the 7% mark; a long way off the heady 20% market share initially forecast by online agents
Brexit impact. Three-year trend analysis reviewing key property stats since the EU referendum vote in 2016 to a potential Brexit this year
The homemover wave. The different stages of the home buying or renting process that represent a captive audience for retailers to harness for genuinely targeted marketing
And the Headlines were…..
- New property instructions drop 5.3% year on year, but exchanges rise 7.4%
- Average asking prices fall 5.4% year on year – East Midlands, West Midlands, Yorkshire and Humber are the only regions with price growth
- The millionaire effect on property exchanges – 17% growth in exchanges for £1-2m homes, 46% on £2-5m homes and 66% on £5m+ homes
- Singles property exchanges grow the fastest by 10% – ahead of family and homesharers
- Silver economy less impacted – property exchanges up 16%
- Areas with larger numbers of mortgage buyers saw consistent price growth
- Online agent’s market share holds steady at around 7% of all exchanges
For more information go to Property & Homemover Report: Q1 2019