At the end of January we posted on the future of the property market - and what this means for your brand or agency.
Now, as we find ourselves in the second full week of February, we report on what has happened in the property market since our last update and what this means for your business.
With the general election happening in week 50 of 2019, our analysis looks at the property market from the week following (week 51), right up to the latest week at the time of writing, when compared to the same period the year before.
As February arrived (Monday 3rd), our data revealed a drop (-4%) in properties coming to the market (new instructions), with sales agreed (properties sold subject to contract) up 3%. Might this new instruction dip have been reflective of homeowners holding out to await the certainty of Brexit on January 31st, before committing to list their property?
Property exchanges for this time frame rose by 10% when compared to the same period last year, indicating definite positive market movement – and an increased ‘Boris bounce’ than seen at the end of January, when exchanges were up 3%.
In this the second full week of February, we can report that in a similar trend to last week’s analysis, new instructions continue to suffer slightly, dipping to -3%, yet properties sold subject to contract are up 9% - and exchanges are holding up at 8%.
It’s a picture of positive growth and further confirmation of the ‘Boris bounce’ we earlier reported. The property market is surely moving in the right direction…
And so whilst it has been widely reported that retail sales struggled to gain momentum in January, there’s now a feeling of greater optimism about the UK’s economic prospects.
Indeed, just this week, Barclaycard announced that 42% of UK consumers feel upbeat in regard to the UK economy, with consumer confidence beginning to make a more solid return.
Furthermore, GfK’s long-running Consumer Confidence Index increased two points last month, linked to an uptick in the housing (and jobs) market, making very positive reading for marketers for a healthy retail environment in the months to come.
Are we finally seeing an end to the subdued property market of recent times?
Stay tuned for our next update.
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