Property sales activity jumps 10% in early 2024

Property sales activity in early 2024 saw a 10% net balance increase among home movers, compared to a -23% drop in December 2023, e.surv has found.

In the firm’s property watch report, it revealed that 30% of those who took part in the survey who are based in London and the South East noted an increase in the volume of homes coming to market.

Furthermore, the pace of annual house price falls continues to slow, but most regions still see properties selling below asking price.

Surveyors in the South of England and Wales saw 60% of areas are selling below the asking price, compared to 52% of surveyors reporting that sales were met or exceeded the asking price in London.

According to e.surv, the UK housing market has "exhibited surprising resilience in the early months of 2024", which it said has been driven by pent-up demand, favourable mortgage rates, and improving buyer sentiment.

However, the firm suggested that the re-emerging confidence in the market is not matched by homeowners’ enthusiasm for energy efficiency.

Three quarters of surveyors observed limited consumer understanding of the benefits of energy-efficient products and services.

Head of research at e.surv, Rob Owens, said: "Energy efficiency is a key component in the cost-of-living crisis. However, our survey shows that homeowners are unlikely to make the move to greener homes themselves. Encouraging energy-efficient homes through policy and incentives is essential to combat rising energy bills and improve the UK's housing stock.

"While policy makers are understandably trying to address cost-of-living issues, the long-term of benefits of addressing the energy performance of UK homes should not be lost if we are to meet agreed net zero targets.

"While the UK housing market shows encouraging signs in 2024, affordability remains a key concern for many. Addressing the ongoing rental supply-demand imbalance is crucial to ease pressure on tenants."

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