In the final weeks of 2024, sales agreed volumes are currently 17.9% higher than 2023 and 5.3% higher than 2019, putting transaction levels on a positive course to exceed the previous year’s activity, according to TwentyCi.
While strong growth has occurred UK-wide, it has been seen more prominently in the East and East Midlands regions, which are 21% higher year-on-year.
Good levels of activity have also been seen in all price brackets but most prominently in the bracket of £200,000-1m – also up 21% year-on-year.
To achieve sales, sellers have had to price competitively, leading to almost one million price reductions recorded throughout 2024 – the largest number on record. This resulted in 38% of all concluded listings being reduced at least once this year.
The average original instruction price in 2024 rose to £439,000 – an increase of 1.3% in the last year and 27% since 2019.
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On a regional basis, instruction prices in the North and Midlands are rising, but prices in the South are static. Northern Ireland has seen the largest instruction price increase year-on-year of 6.3%, while the East of England has experienced the largest decrease year-on-year of 0.6%.
Colin Bradshaw, chief executive of TwentyCi, said: “Despite the general election and a new government, the market has remained buoyant throughout 2024. The current demand levels also give us every reason to believe 2025’s property market will enjoy an excellent start.”
According to the Office for National Statistics’ (ONS’) latest index, the average UK house price increased by 0.2% month-on-month to £292,000 in October. This was a 3.4% annual change, making average house prices £10,000 higher than a year earlier.
