According to data from TwentyEA (who are part of the TwentyCi group), the number of listings marked as sold subject to the contract (SSTC) rose by 23% in February compared to the same month last year and was 9% higher than in 2019.
UK-wide data indicated 105,878 sales were agreed upon in February, marking a 23% increase from February 2023 and a 9.2% increase from February 2019.
February saw 148,442 new instructions, up 11.45% from the previous month and 14.9% from February 2023.
The average asking price reached £426,076, with £349,187 for an exchanged property. The percentage of the initial asking price achieved was 98.28%, up from 97.96% in February 2023.
Additionally, fall-throughs decreased from 27.14% in February 2023 to 24.66% in February 2024.
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Executive director of TwentyEA, Katy Billany, said: “While the year-on-year rise in 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.”
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