Premium property market update
The Premium Property Market in January Over the Years - Simon Gates. Edition 6
The property market in 2023 saw a decline of 8.3%, with 60,260 fewer property millionaires totalling 670,100 homes. Britain's £1 million home market depreciated from £1.43 trillion in 2022 to £1.32 trillion.
However, there is a silver lining despite this downturn, with a 28% increase from 2019, equating to 146,490 more properties, according to Savills research.
In this article, I delve into the performance of the premium property market across the UK in January 2024 compared to recent years.
The number of new listings across the whole market was up 17.81% on January 2023, with an even more impressive 22.84% spike in the premium market.
Notably, this increase surpasses the six-year average by 38.99%, compared to 13.16% for the entire market.
This surge in premium listings signals a growing number of sellers looking to move home at the higher end of the market.
However, listings are one thing; what about the number of sales agreed, you ask?
Sales agreed for the whole of the market were up 23.28% on January 2023 and only 0.31% up on the six-year average.
Yet, the higher end of the market outperformed the whole of the market for sales agreed as well, with there being a 20.15% rise in the sales agreed compared to January 2023 and a 17.72% increase when compared to the six-year average. This trend indicates a robust market for premium properties.
Moreover, there was an 18.06% increase in properties for sale at or above £1 million in January 2024 compared to 2023 and a notable 28.40% rise on the six-year average.
This presents an excellent opportunity for homeowners of premium properties to sell their homes in 2024.
If you own a unique or premium property and are considering moving this year, get in touch with our team of property experts to take advantage of these market increases and get your home sold.
Simon Gates