Welcome to the new MoverAlerts Property & Homemover Report. This report identifies the key events and trends in the residential property market in Q3 2023 and their impact on your business.
Key points of interest:
- 272k Sales Agreed in Q3 - a fall of 9.7% compared to Q2- 1m+ transactions expected in 2023
- New Instructions down 4.5% compared to Q2
- Average asking price is £431k - down 3.6% in Q3
- Time to Sell has risen to 62 days in 2023
- Fall Throughs rose by 13.3% in Q3
- Withdrawn properties up by 12.8% in Q3
- Average rental price of £1,829 per month
“Whilst we’re still seeing healthy activity in the property market, the biggest issue is still affordability. High interest rates are pricing potential homemovers out.
There is a lot of activity from the more affluent members of society and the higher-priced properties. On the flip side, we're observing strong movement from those more economically challenged as they struggle to afford mortgage repayments and have little choice but to downsize or sell up.
It’s tough to predict how the rest of the year will pan out but we are seeing buyer and seller confidence rising, which is a promising sign.”
-Matt Hawkins, Head of SME Data Sales, MoverAlerts
