THE latest UK property sales data reveals that Cornwall made it into the top 10 locations for house sales during the first quarter of 2024.
Researchers at Bird & Co have reviewed the latest ONS statistics, offering a comprehensive analysis of how housing market trends in 2024 have materialised in reality. The study delves into property sales across all local authorities, pinpointing the areas with the highest and lowest sales volumes.
The statistics highlighted a definitive list of the top 10 locations for property sales in 2024.
The 10 areas with the highest sales in 2024 so far were: Leeds 7,836 (properties sold); Birmingham 7,431; Cornwall 6,415; Somerset 6,328; County Durham 5,964; Buckinghamshire 5,358; Wiltshire 5,340; Cheshire East 5,116; Bradford 4,976; Sheffield 4,861.
Cornwall has seen the number three house sales so far in 2024, according to the latest data available. The total number of properties sold here during the first quarter was 6,415, making up 2.25% of homes within this area.
In Cornwall, the average house price during this time was £299,818, positioning it as a relatively affordable option, which could explain the house sale figures here.
Daniel Chard, partner at Bird & Co, said: “For both buyers and sellers, changes in the market are important to consider as they shape decisions regarding property transactions.
“The UK property market in Q1 2024 showed signs of recovery following a slowdown at the end of 2023, driven by improved mortgage rates, wage growth, and employment. After some initial momentum in the market, it then began to slow as concerns over future interest rate cuts and affordability pressures subdued buyer activity, particularly in the latter half of the quarter.
“House price trends also reflected a mixed picture, with prices experiencing minor declines year-on-year in many regions before showing a modest recovery in February. While this recovery may have been spurred by early-year activity, affordability concerns and inflation continue to weigh on the market. The divergence in pricing across different property types further underscores the nuanced conditions, with semi-detached and terraced houses seeing price growth, while apartments and detached houses have struggled.
“Looking ahead to the house sales stats for the rest of 2024, inflation remains a key barrier for many buyers, limiting their purchasing power and cooling the market overall.
“While housebuilders are cautiously optimistic about future price stability and affordability improvements, particularly with preparations for the Future Homes Standard in 2025, the broader outlook for 2024 hinges on economic factors like wage growth and inflation. Ultimately, these trends will shape transactional activity and house price movements for the rest of the year.”