According to government data from HMRC released yesterday, home sales in December were down about 3% from November but only 1% from the same period previous year.
The preliminary seasonally adjusted estimate of home sales in the UK in December 2022 is 101,920, which is 1% more than December 2021 and 3% less than November 2022.
Nick Leeming, Chairman of Jackson-Stops, which is a successful estate agent within the UK says it’s encouraging to see transaction levels hold year-on-year.
“Buyers have made the most of the quieter period to complete their transactions, clearing the way for a new wave of properties to enter the market in the Spring and provide an anticipated bump in instructions and buyer interest.” he says.
Transaction volume consistently serves as a good indicator of market health, according to Jeremy Leaf, a real estate agent in north London and a past chairman of the RICS Residential Committee.
However, he also states: “The small changes in today’s numbers show only part of the story unfolding after the mini-Budget slammed the door on a significant proportion of ongoing activity.”
The beginning of the year has been reassuring, according to Alex Lyle director of Richmond estate agency, Anthony Roberts. “January has got off to a strong start with a 25% increase in new instructions compared with the first three weeks of 2022. New demand levels and deals agreed are pretty much the same as this time last year. Meanwhile, the diaries are the busiest they have been for months so all in all, it’s a reassuring start to the year.”
Seeing the market off to a great start at the start of this month makes it good for estate agencies and creates hope of selling more properties.
If you have any questions, please speak to Sachinkumar Gupta of Property Hub Ltd.