The latest TwentyCi Property & Homemover Report for Q3 2019 shows a ‘slow and steady’ UK property market over the last quarter, apart from an 8% increase in exchanges amongst young first time buyers.

While property exchange volumes held up with 966,464 homes exchanged in Q3 marking a 2.2% growth year on year, there was a decline of -1.7% in new properties coming to the market as homeowners have become more wary of listing their homes for sale – while suggested government proposals to make house sellers pay stamp duty instead of buyers in this quarter may have also contributed to this caution.

Q3 saw a total of 1,715,395 new instructions, 212,319 fall throughs and 801,013 withdrawals in the market, to change agent, or withdraw in this quarter.

Indicative of younger purchasers active in the market, properties valued at £300k and below sold best in Q3, with exchanges up across all property price bands to this value compared to the same period last year. More properties were also exchanging from lower income household bands from £15,000 upwards. Overall, households with income bands of £20,000-£50,000 were proportionally buying and selling more properties covering a total of 126,941 exchanges.

Colin Bradshaw, Chief Customer Officer at TwentyCi said, “Consistent to our previous reports, this last quarter has again shown an overall slower moving market, reflecting the current unpredictable trading environment. Consumers are showing caution when it comes to both buying and selling property. With the likely outcome of Brexit still unclear, the uncertainty over both the economy, consumer confidence and the housing market will persist at least in the short term.”

North-South divide

Nationwide, there is a clear North-South divide with any growth in average asking prices across the north of the UK and the Midlands, while London and the South show a small percentage reduction in average asking prices. The figures comprise a 7% growth in Scotland, 5% in North East, 4% in Yorkshire and the Humber and 2% in the North West and East Midlands. While there was a fall in asking prices of -3% in London, -2% in South East and -1% in South West.

Click here to read the full TwentyCi Property & Homemover Report for Q3 2019.