MILTON KEYNES, U.K.,
Jan. 23, 2022 /PRNewswire-PRWeb/
-- Property prices in the North of England have declined over the last year,
whilst in the South of England
they have increased reveals the 2021 Property & Homemovers
Report from property and data insight specialist, TwentyCi.
The so-called North-South divide was evident prior to the
pandemic in 2019, but due to the buoyant property market from
June 2020 as a result of the stamp
duty holiday all property asking prices (with the exception of
Inner London) rose. However, the most recent report reveals that
house prices in the North have fallen by an average of -2.1 per
cent year on year. The North East has experienced the largest fall
at -4.7 per cent, whilst Yorkshire
and Humber prices slumped by -1.08 per cent.
By contrast, property prices in the South have risen by an
average of 5.28 per cent. Inner London has recovered experiencing year on year
growth of 8.95 per cent. This is primarily driven by resumption of
foreign investment both post-Brexit and post Covid. Wales and the South East have also experienced
significant increases at 6.73 per cent and 6.69 per cent
respectively.
Comments Colin Bradshaw, Chief
Customer Officer, TwentyCi:
"The intensification of the North-South divide post-pandemic
contradicts the flight to green spaces and the flexibility of for
more hybrid working. Moreover, with the government promoting a
'levelling up' agenda and a desire for a 'Northern powerhouse', the
report suggests that there will be significant challenges to make
this a reality, especially with the axing of the second phase of
the HS2 rail extension."
The average asking price across the UK is now £384,000 compared
to £378,000 in 2020, an increase of 1.5 per cent. High prices are
being maintained by the lack of property stock coming to the
market. Demand continues to outstrip supply.
Sales agreed are up nearly 13 per cent year on year and
Exchanges have increased by 29 per cent demonstrating that the
momentum initially stimulated by the stamp duty holiday has been
maintained throughout 2021. New Instructions are down by nearly six
per cent compared to 2020. Aside from Inner London, the whole of
England and Wales at a regional level has between 2.2 and
3.1 months of property stock left to sell, and overall, the
availability of stock is down by almost half on historical norms.
In comparison to 2019 there has been a significant reduction in the
availability of all property types except for flats. This is
reflected in the number of bedrooms available across the market
with a significant deficit in 3+ bedroom properties (-16 per cent).
The property stock available now is represented more by mid and
higher priced properties compared to 2019. More affordable housing
has declined by 13 per cent, whilst properties worth over £750,000
have increased by 37 per cent.
Without a significant uplift in the volume of New Instructions
the residential property market is at risk of significant slowdown
in 2022. This is also reflected by the large reduction (-24 per
cent year on year) in price changes. Home sellers can now command
close to the asking price for their property, with no need to
discount.
Despite the lack of properties coming to the market, and
therefore limited choice for buyers, the number of people wanting
to move remains high with 317,793 householders saying they are
considering moving. The latest report reveals that there are over
1.1 million households currently within the home move journey:
entering, progressing or completing the process of moving. This
presents a significant opportunity to many different sectors
including retail, construction and DIY and services. The spending
power (+3 per cent of GDP per annum) associated with this massive
volume of home movers can bring huge revenue gains and strong
return on investment, bolstering the economy as we continue to
navigate the impact of the pandemic.
ENDS
Notes for editors
TwentyCi is an information and marketing services company that
provides UK residential property data, analytics & insight for
marketing and other key strategic purposes. Our experience and
client portfolio encompasses multiple sectors and categories,
including property and estate agency groups, retailers, financial
services, automotive and utilities.
Holding the UK's largest and richest resource of factual homemover
data compiled from more than 29 billion qualified data points,
TwentyCi works with advertisers and their agencies to create
contextually targeted marketing programmes that cut through by
reaching consumers at the exact moment that they need a company's
product or service, through the best media channel for that
individual.
Please note that our publication normally provides year-on-year
comparison of the residential market, however, given the
extraordinary impact on the market arising from the Covid-19
pandemic and the unique events affecting the property market during
2020, for this report the comparison looks back at 2019 to provide
a 'near normal' comparison.
Media Contact
Louisa Osmond, TwentyCi, +44
7977401235, louisa.osmond@outlook.com
SOURCE TwentyCi