How is the property market performing?
This graph shows the number of weekly house sales in the U.K. (yellow line) dropping – if this was in a newspaper it would be doom and gloom
Yet with all things like this, the devil is in the detail
2020 and 2021 were exceptional years for the U.K. property market
In Q4 2020, an average of 23,071 properties sold per week in the UK
In Q4 2021, an average of 21,051 properties sold per week in the UK
So with the average at 19,694 per week Quarter to date .. surely we should run for the hills?
Until you look at the averages for 2019
In Q4 2019, 16,263 properties sold per week sold
In Q4 2018, 15,922 properties sold per week sold
In Q4 2017, 15,721 properties sold per week sold
In Q4 2016, 15,811 properties sold per week
We are just going back to the ways things were before lockdown.
If you are a homeowner or landlord, don’t believe what the newspapers are putting out and look at what is really happening
Don’t get me wrong, house prices will be lower next year (good I say)
It’s going to hard work in 2023 .. but it’s not Armageddon like the papers say.