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In the first five months of the year, 147,223 homes were sold in England and Wales for an estimated £52.5 billion. This represents a 54% decrease in transactions and a 57% decrease in the total market value of homes sold when compared to the previous year. 5 months ago.
The Burroughs and Forrester analysis also found that across all regions of England and Wales, both the value of homes traded and the total market value of homes sold fell by more than 50%.
The London market saw the biggest decline in transaction volumes, with just 15,638 homes sold so far this year, down 57%. The East (-56%) and South East (-56%) of England also saw a significant drop in transaction levels.
In terms of total market value of homes sold, the East of England has fallen the most by 59%, while the South East (-58%) and London (-58%) are again in the top three.
Despite one of the biggest declines in market activity, the Southeast still leads the way in total home sales so far this year, with 24,210 completed transactions since early January. ing. The Northwest (19,275) and Southwest (16,246) also rank among the top three in this respect.
The South East is also home to one of the most valuable property markets, with an estimated £11.2bn worth of property sold so far this year. Similarly, just over £11bn of homes were sold across London, with East England in the top three (£6.3bn).
The North East ranks last but still has around £1.3bn worth of property sold in the region since the beginning of the year.
Burroughs & Forester Managing Director James Forrester commented: “While the real estate sector is inherently incredibly fragmented, we have seen worryingly consistent performance across the board in terms of the contraction in market activity so far this year.
“Not only are average home sales prices falling across all regions, but transaction levels are more than half what they were at the end of last year.
“As a result, the total market value of homes sold has taken a significant hit, demonstrating the reversal of fortunes sellers are now facing, competing for available inventory to lower prices than before. There are fewer buyers who buy in obi.”