UK Property Market Update - July

Posted by TwentyCi on 14th July 2022 -

Welcome to our July Homemover Pulse where we take the pulse of the UK property market and give a snapshot of current homemover activity.

UK property market update - July

July’s figures continue to demonstrate that the owner-occupied sector appears to be largely detached from the woes that are befalling the wider economy. Demand remains strong and the latest house price index from Halifax shows property prices have risen again, with a typical property now costing £294,845.

There have been further improvements in property supply, with an increase in new instructions of over 5% in every UK region. Transactional levels remain greater than in 2019 and we are yet to see a sharp re-calibration of the residential property market in either price or volume.

However, Savills reports a drop in buyer enquiries and mortgage approvals, which could be indicative of buyer demand beginning to cool.

The current state of the owner-occupied property market

Currently, there are 215,367 residential properties available for sale and 337,706 properties with sales agreed across the country. There have also been 290,811 completions in the last three months. In the chart below, we have broken down these key stages of the home buying journey - new instructions, sale agreed and completions - by region of the UK.

There's no sign of the South East slowing down as it remains the most active region with high levels in new instructions, sales agreed and completions.

New instructions have increased by a healthy amount, whilst sales agreed and completions have levelled off this month.

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