"Although mortgage rates have reduced, they are still much higher than they were two years ago, therefore our latest stats show buyer demand remains upbeat and sellers are determined despite the rate rises, an impactful cost of living crisis and a possible change of Government"
- Katy Billany - TwentyEA
The number of SSTCs jumped dramatically by 23% in February compared with the same month last year and was 9% higher than in 2019, according to the latest data from TwentyEA.
The staggering rise year on year not only shows how robust the market currently is but also points towards signs of rejuvenation and hopes of a revival.
The UK-wide data showed 105,878 sales were agreed in February, which was 23% above the level in February 2023 at 86,395, and 9.2% above the same month in 2019 at 96,950.
In February, there were 148,442 new instructions - 11.45% higher than the previous month and 14.9% higher than in February 2023, while the average asking price reached £426,076 and £349,187 for an exchanged property.
The percentage of the initial asking price achieved was 98.28% - up from 97.96% in February 2023.
Encouragingly, fall-throughs are also down year on year from 27.14% in February 2023 to 24.66% in February 2024.
Katy Billany, Executive Director of TwentyEA, part of the TwentyCi Group said: “While the year-on-year rise of deals being struck is significant, it’s also extremely encouraging to see a large increase compared with 2019 - the last ‘normal’ year within the market before it was affected by the pandemic and Liz Truss’ Budget.
“Although mortgage rates have reduced, they are still much higher than they were two years ago, therefore our latest stats show buyer demand remains upbeat and sellers are determined despite the rate rises, an impactful cost of living crisis and a possible change of Government.
“These numbers are indicative of sellers who have become more realistic around pricing as well as a market which is seeming much more positive overall.”
