The UK property market remained slow-moving in 2019, with only a 0.8% year on year increase in exchanges, not helped by the decline in new instruction volumes of -3.4% over the last twelve months.
Whilst property exchange volumes are still ticking over, these figures show the extent of the impact felt by continued economic uncertainty and cautious consumer confidence, both of which have remained a regular influence over the last year.
Colin Bradshaw TwentyCi’s Chief Customer Officer said, “The unprecedented turmoil of 2019 has demonstrated the resilience of the UK property market, with transaction volumes and average prices remaining remarkably stable against a backdrop of political upheaval and economic threats.”
Middle England to drive the ‘Boris Bounce’
The much anticipated ‘Boris Bounce’ was yet to materialise in the first weeks of 2020. However, with consumer confidence reported as up, many property analysts expect the first quarter to see an uplift in the level of transactions. In particular, if caution subsides within the powerhouse of the property market of ‘Middle England, Middle Income’, a significant and material change to the market could occur in a relatively short space of time.
Colin Bradshaw commented, “The value of homemovers to the UK economy exceeds £12 billion per annum on expenditure on the home outside of the transaction. Enabling this high value consumer audience through political stability, property affordability and stock availability will be an essential pillar to fuel the UK economy and boost retail confidence.”
TwentyCi is a property data and consumer intelligence platform that provides insight into the events in consumer lives that act as purchase triggers, such as moving home.