The latest data analysis by eXp UK has revealed that it is estate agents in England that face the toughest uphill struggle when it comes to driving the property market back to full health, with transactions falling by the greatest margin of all home nations over the last year.
eXp UK analysed the latest Government property transaction figures looking at the performance of the UK market and how a decline in market activity has differed across each home nation.
The impact of a cooling property market is clear to see, with transaction levels falling across the UK by -17.8% over the last year (2023-24), with just over one million transactions completing – the lowest level seen over the last decade.
While England has always accounted for the lion’s share of market activity, accounting for between 84% to 86% of UK transactions each and every year over the last decade, it is the home nation to have endured the most pronounced slowdown as the market has cooled.
Over the last year, just 840,360 transactions took place across England, only the fourth time in 10 years that this total has slipped below the one million transaction threshold and the lowest level seen during this time period.
It also marked an 18.7% year on year reduction, highlighting that it is estate agents in England who face the toughest task when it comes to turning the market around in 2024-25.
Wales also saw a considerable reduction in transaction volumes, down 18% annually, while in Northern Ireland there has been a 13.9% reduction.
Scotland is the home nation to have fared best in cooling market conditions, with transaction volumes falling by just 9.5% annually.
FINANCIAL PRESSURE
Adam Day, eXp UKAdam Day, Head of eXp UK, says: “Over the last two and a half years, we’ve seen 14 consecutive interest rate hikes pile further financial pressure on UK homebuyers and this has had an undeniable impact on property market activity.
This impact has been felt to greater extents across some home nations versus others, however, agents across the UK have faced a far tougher time of late when it comes to the volume of sales that are reaching completion.
The good news is that so far this year we’ve seen strong signs that the market is starting to refind its feet. Of course, sentiment alone won’t turn the tide and it is agents in England who face the toughest task when it comes to driving the market back to full health.”
