Following an unusual surge in activity during Budget week, new data reveals a significant slowdown in Week 45 of 2024. The latest figures show sharp declines in sales and rental agreements, reflecting the market’s adjustment to post-Budget conditions and the seasonal lead-up to the holidays.
Sales Market Trends
The number of Agreed Sales in Week 45 plummeted by 72.4% compared to the previous week’s two-year high, marking the lowest level since early January and a 31.5% drop year-on-year. However, there was a silver lining, with homes going Under Offer increasing by 7% week-on-week, indicating that buyer interest remains steady. New sales instructions also remain robust, up by 20.7% compared to the same week last year, and year-to-date Sales Agreed are still 3.7% ahead of 2023 levels. Interestingly, price reductions spiked significantly, up by 76% from Week 44 and 32% year-on-year, as sellers respond to the government’s confirmation of increased Stamp Duty rates. This adjustment reflects the continued sensitivity of the market to fiscal changes and pricing pressures.
Rental Market Dynamics
In the rental sector, activity also dipped significantly, with Lets Agreed falling by 34.9% week-on week and 32.1% year-on-year. Despite this drop, year-to-date figures for Lets Agreed remain 2.3% higher than in 2023, suggesting that the broader rental market remains stable. New rental instructions saw a 6.8% weekly rise, although they are still 5.1% lower than last year, showing some resilience as we head into the quieter season.
• New Instructions: +6.8% (weekly change), -5.1% (annual change)
• Year-to-date New Instructions: +2.4% vs. 2023
As the market recalibrates after the Budget’s initial impact, both buyers and renters face a window of opportunity in what has become a highly dynamic environment. While seasonal slowdowns are expected, continued interest in new instructions and under-offer properties points to underlying demand that could set the stage for renewed activity in the new year.
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Winkworth reports that the latest data from the Bank of England offers fresh encouragement for home buyers and movers, with signs that the mortgage market is regaining pace as interest rates ease.
At Winkworth, we know that selling a home in London’s fast-moving market takes more than just listing it and waiting for offers. With buyer demand remaining strong — Rightmove reported a 6% rise in home sales this June compared with last year — well-presented and correctly priced properties are still attracting swift interest, even in a competitive environment.
At Winkworth, we’re seeing growing momentum in London’s prime rental sector, fuelled by a combination of global corporate relocations and a steady influx of international students. Despite wider economic concerns, the capital’s appeal as a business and education hub remains as strong as ever — and this is translating into upward pressure on rental values.
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