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.
Key Stats
Sales Market:
• Sales Agreed: -72.4% (weekly change), -31.5% (annual change)
• Year-to-date Sales Agreed: +3.7% vs. 2023
• New Instructions: -0.4% (weekly change), +20.7% (annual change)
• Year-to-date New Instructions: +9.3% vs. 2023
Rental Market:
• Lets Agreed: -34.9% (weekly change), -32.1% (annual change)
• Year-to-date Lets Agreed: +2.3% vs. 2023
• 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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