There seems to be a lot of conflicting information on the internet at the moment, surrounding the property market and mortgages. Are rates coming up or going down? Are property prices falling or rising still? Is the property market stagnating or thriving? The simple answer to these questions is that things are improving. Improving slowly, but still improving. And the property/mortgage market is in a lot better position than it was at the end of 2022 generally. But, property sales have taken a huge blow in recent months and years, which is understandable. Despite this, Rightmove have recently released data that shows that agreed property sales in the UK have returned to the levels that they were before the pandemic, which is great news.
Agreed Property Sales Return To Pre-Pandemic Levels According To Rightmove
Property listing website Rightmove have recently released the fruits of some research they have been carrying out around agreed property sales in the UK. Their research has revealed some interesting and perhaps surprising information. Rightmove claim that the number of home sales agreed between vendor and buyer is back to pre-pandemic, levels for the first time since September 2022, just before Liz Truss’s governments mini-Budget.
This is roughly the same level of agreed sales that the UK last saw back in March 2019, before the CIVID-19 virus was even identified and the world was subject to enforced lockdowns. Since this time, the property market has been struggling and the number of agreed sales has declined as firstly people were unable to sell and buy due to the pandemic. There was a brief surge in agreed sales as the lockdown restrictions were lifted and people started to think about moving house again. However these glowing embers were quickly extinguished by various economic factors and exacerbated by the mini-budget which saw the UK markets spiral out of control. Igniting the economic crisis that we currently find ourselves in. But, it seems that things are starting to improve.
Sales Of Flats Is Driving Up Figures
Rightmove classifies agreed property sales as properties that have been listed online through Rightmove and have changed from ‘for sale’ to ‘sale agreed’. This does not necessarily mean that the properties have been sold for the full listing price, which is unlikely in this economy as people are still having to reduce property asking prices to encourage offers. Rightmove says that the rise in agreed sales is most likely due to a rise in the number of sales of flats, compared to houses.
Levels of flat sales are currently 10% higher than they were in 2019. This is a huge positive as Rightmove reports that flat sales were down as much as 11% at the end of 2022 and beginning of 2023. Rightmove also reports that this increase in agreed sales on flats and apartments is mostly reflective of the London area where the sale and purchase of flats has increased significantly in the last few years.
Speak To A Property Professional
If you or anyone you know is either selling a property and moving or are looking at buying a new home, the best thing you can do to get the ball rolling is to speak to a property and mortgage expert. Call our team at Oportfolio Mortgages today to get some advice and guidance. We are here to help.