Greycoat: UK Reacts to Drop in Property Transactions
Greycoat: UK Reacts to Drop in Property Transactions
As 2023 ended, the number of housing transactions throughout the UK plummeted and dropped by approximately 1/5, which means that 20% fewer housing transactions were taking place year-over-year, Greycoat informs. As the property purchase market continues to slow, this means that the UK market is slowly fizzling out with only about 85,120 housing transactions (sales) taking place throughout all of December in 2023.
Greycoat informs more on this. On the contrary, non-residential real estate transactions were up in the UK during the same period by 8%. They say that Anthony Codling himself stated that housing transactions dropped 19% throughout 2023 to a total of just over 1.02 million transactions throughout 2023.
That’s slightly above the 960,000 transactions that were predicted for 2023, as the market was fairly healthy despite being a bit slow throughout 2023, Greycoat real estate agency adds. Despite these lower numbers of transactions, there is a lot of resiliency in the UK housing market as so much money was thrown at it during 2023 to keep the economy stable, that it’s admirable that things have turned out even as well as they have.
Greycoat agency adds more on this. The mantra is that it will be a road to build back through 2024, and the mantra is to “Thrive in the Year 2025” with real estate, once the entire thing is rebuilt, which most experts expect will take the entirety of 2024 to complete.
The seasonal slowdown is believed to be par for the course in 2023, according to Nick Leeming. The market is believed to slowly try to come back throughout 2024, and it should be strong and thriving again post-pandemic by 2025. Greycoat real estate agency finally adds that The Bank of England has made decisions about rate decisions, and the market seems to be responding positively, at least so far.