"Although the economic headwinds, caused by higher interest rates, blew that little bit harder across the new-build sector, we’re now seeing more offers being made and accepted and more transactions reaching completion"
- Joel Ellis-Duffy - Foxtons
Newly released data from London lettings and sales estate agents, Foxtons has revealed that its New Homes and Investments team has seen a significant increase in market activity on an annual basis, with both the total volume and value of new-build sales climbing significantly in Q3 of this year.
The internal data from Foxtons shows that during the third quarter of this year, the volume of new homes transactions to have exchanged increased by 66.7% versus Q3 2023.
At the same time, the total value of new homes exchanged was 64.8% higher than Q3 2023.
The firm also noted a 40.6% increase in the number of new homes going under offer, with the total value of these homes under offer again increasing by 42.8% annually.
The average price of new homes under offer in Q3 was also up 1.6% versus this time last year.
Data from TwentyEA also highlights the dominance of the New Homes and Investments team at Foxtons within the London market.
In Q3, the firm held 12.5% of the total market share with respect to new instructions across the capital’s new-build market, with its closest competitor holding just 3.2% of the total market share.
When it comes to exchanges, the New Homes and Investments team at Foxtons accounts for 10.1% of market share across the London market, with their nearest competitor again some way off the pace set by Foxtons at 4.4%.
New Homes Sales Director at Foxtons, Joel Ellis-Duffy, commented: “While it’s fair to say that the new homes landscape has faced its challenges of late, at Foxtons, we’ve seen a very strong performance building throughout much of this year, with Q3 delivering a significant uplift year on year. This is a trend we expect to continue for the rest of 2024, with Q4 shaping up to be considerably better than this time last year.
"Although the economic headwinds, caused by higher interest rates, blew that little bit harder across the new-build sector, we’re now seeing more offers being made and accepted and more transactions reaching completion. This increased level of market activity is also bringing a significant boost to the total market value being transacted.”
