TwentyCi releases its national Property
& Homemover Report for Q1 2019 – the most comprehensive
real time review of the UK housing market
New property instructions drop 5.3% year on year, but exchanges
Average asking prices fall 5.4% year on year – East Midlands,
West Midlands, Yorkshire and Humber are the only regions with price
The millionaire effect on property exchanges – 17% growth in
exchanges for £1-2m homes, 46% on £2-5m homes and 66% on £5m+ homes
Singles property exchanges grow the fastest by 10% – ahead of
family and homesharers
- Silver economy less impacted – property exchanges up 16%
Areas with larger numbers of mortgage buyers saw consistent
Online agent’s market share holds steady at around 7% of all
A perfect antidote to Brexit? UK homes that come with a sauna,
library, or chicken coop
LONDON–(BUSINESS WIRE)–Instant download of the report here
The latest TwentyCi Property
& Homemover Report for Q1 2019 has confirmed a ‘Brexit brake’ on
the property market in its latest analysis – the most comprehensive real
time review of the UK housing market.
New property instructions saw a 5.3% fall year on year, continuing the
supply deficit in the market. Property exchanges rose 7.4% year on year,
but asking prices fell 5.4% nationwide. The only regions where average
asking prices are continuing to grow are East Midlands, West Midlands,
Yorkshire and Humber.
Key growth exceptions year on year show a millionaire property price
divide on exchanges, with a 17% growth on £1-2m properties, 46% on £2-5m
properties and a massive 66% increase in exchanges on homes over £5m,
perhaps signalling greater investment by wealthier purchasers in real
estate as the rest of the market brakes.
There was also a 10% growth in single household property exchanges this
quarter compared to 2018, while silver economy exchanges by 66+ year old
purchasers were up 16% compared to Q1 last year.
The latest analysis also reveals consistent house price growth in areas
of the UK where more purchasers need a mortgage including Luton,
Swindon, Bradford, Halifax and Chester (where 43.5-40.5% of properties
are mortgaged). Areas with fewer mortgages have grown less positively or
fallen over the last three years – for example, only 11.9-25.4% of
properties in London are mortgaged with prices falling.
Comments Colin Bradshaw, Chief Customer Officer, TwentyCi: “The
lack of properties coming to market combined with the continued hiatus
on the outcome of the Brexit process is undoubtedly holding the property
market back. The continued deferment of decisions by homeowners to enter
the property market is holding back supply and in turn progression
throughout the property ladder. Should we achieve an orderly exit from
the EU and a two-year transition, then consumer confidence may return,
fuelling an increase in both volume and momentum within the property
Brexit impact – three year trend analysis
Over the last three years – from the EU referendum in 2016 to a
potential Brexit this year the market has been as subdued as it has been
since the 2008 financial crisis – but with a continuing lack of
properties on the market.
It’s also possible to see two trends in key areas of support for
“Remain” and “Leave” – in particular the “Remain” London market showing
a slight dip in property prices, while top “Leave” constituencies such
as Boston, South Holland, Castle Point, Thurrock and Great Yarmouth show
a small increase. This likely reflects some reluctancy to invest in the
London property market during a period of uncertainty combined with
potential buyers anticipating price recalibration after a decade of
property price inflation.
Sales Vs Rent
In Q1, rental properties continue to dominate property stock in most
large cities and London. 70% of all London listings were for rental
properties compared with an average of 50% in all other major UK cities
as consumers are priced out of the buying process.
In Newcastle-upon-Tyne, Manchester, Peterborough and Birmingham the
rental proportion of housing ranges from 49-40% of housing stock. Year
on year, Glasgow and Edinburgh have seen the greatest increase in rental
activity of 15% and 14% respectively, as supply begins to balance demand
as these cities become more rental prominent.
Online agents – the Not-so-magnificent seven
Online agent market share is holding steady at around 7%, accounting for
7.6% of all exchanges in Q1 2019, up from 7.2% at the end of last year –
but still a long way from the heady 20% market share forecast by several
But notably the majority of properties comprising this 7% figure are for
lower value properties under £200k and predominantly in the north of the
UK. Until online agents start penetrating the market in the south and
engage with more higher-value homeowners their growth and market share
will continue to be capped.
Says Colin Bradshaw, TwentyCi’s Chief Customer Officer: “Moving
beyond a 7% market share appears to be a major challenge for the online
agents in the current property market. A fixed-fee structure alone does
not appear to be a sufficiently compelling offer to deliver the volume
of new instructions. Furthermore, the lack of penetration across the
more densely populated conurbations within the south of the UK, which
generally have higher-value properties, will be a source of concern for
the major online agents”.
A perfect antidote to Brexit? Homes with relaxing property features
TwentyCi property data covers all 30.6 million residential addresses in
the UK and provides a snapshot of unusual property features including
some that could provide a perfect antidote to Brexit as we head into
Saunas now feature in one in 52 homes in the UK, while if you fancy more
of the ‘good life’ and less of the ‘rat race’ 712 homes in the UK have a
chicken coop and 209 homes in their UK feature their own library.
**All data is based on Q1 2019 vs Q1 2018 year-on-year comparison
unless otherwise stated.
Editor’s notes – The TwentyCi national Property & Homemover Report
Customer insights company, TwentyCi’s Property & Homemover report is a
comprehensive review of the UK property market, created from the most
robust property change sources available – providing a real time
review of the UK market and covering 96.6% of all property moves (both
sales and rentals).
This ‘state of the nation’ report provides unique insight into the
people behind the numbers, creating a picture of the demographic,
regional and socio-economic factors impacting the housing market
√ Factual data (not modelled or sentiment-based)
√ Full market coverage
√ Demographic overlay
√ Property sales data
√ Property rental data
√ Real-time data
The TwentyCi National Property & Homemover Report is published
TwentyCi is a specialist customer insights company with exclusive access
to more than 29 billion qualified property change sources across the
whole property sector. It works with leading brands to create targeted
marketing programmes across many different sectors including property,
furniture, DIY, travel, automotive, telecoms and utilities.
Unlike other housing reports, which cover only a sub-section of the
market or are based on sentiment, TwentyCi’s report is based on factual
data covering 99.6% of both the property sales and rental markets, in
addition to tracking sales momentum. For more information visit http://www.twentyci.co.uk
Andrew Baud/Becky Charman
+44 (0) 7957 474568