"Nationally, the lowest-priced properties - those under £200,000 - are now significantly less likely to have a fall through than this time last year."
- Katy Billany, executive director of TwentyEA
These figures coincide with trends in Northern Ireland and Scotland, with Northern Ireland experiencing the highest growth in exchanged prices at 8.4% while the South West, Inner London, East of England, the North West, and Scotland achieved at least 5%. The only regions that didn’t see gains of more than 3% were Wales and the West Midlands which saw the lowest exchanged price growth (2.5%).
Growth in instruction prices year-on-year was also the highest in Northern Ireland at 7%. This was followed by the North West (5.7%), Scotland (5.7%) and Yorkshire and the Humber (5.1%).
On average, property growth in the last year equated to £13k, with £64k since 2019. Asking prices at original instruction have risen at an average rate of 2.8% in the last year and 24% since 2019. This is a compound annual growth rate (CAGR) OF 4.4% per annum.
Likewise, exchanged prices have grown at a healthy average of 3.8% over the last twelve months and 22% since 2019; this is a CAGR of 4% annum. In percentage terms, the gap between the initial asking and exchanged prices is almost the same as it was in 2019. Aside from the ‘magical’ year of 2021, the percentage gap is roughly the same across all other years.
Since March, the volume of ‘fallen throughs’ has reduced by more than 6%, almost aligning with pre-Pandemic levels, while the ‘time to exchange’ has continued to fall month on month since February, dropping to 113 days in July.
Commenting on these findings, Katy Billany, executive director of TwentyEA, has said:
“Despite the numerous gloomy headlines we’ve read over the last few months, instruction prices and exchanged prices have continued to rise across the UK with four out of the 10 regions in England all seeing growth in exchanged prices of 5% or more, a trend also evident in Scotland and Northern Ireland. This demonstrates the strength of buyer demand which is holding firm despite the backdrop of high inflation and rising interest rates.”
Billany continued: “Looking regionally at ‘fallen through’ volumes over the last year, only Scotland experienced an increase. Nationally, the lowest-priced properties - those under £200,000 - are now significantly less likely to have a fall through than this time last year. It’s also very promising to see the ‘time to exchange’ continue to fall and we remain hopeful this continues.”
