Property pack provider Moverly has declared that the housing market is on course for a strong decade based on the transaction levels in the 2020s so far.
In this decade the UK has seen 5.337 million residential transactions, the equivalent of 1.86 million per year, a 7.5% increase on the previous decade.
What’s more conditions are improving, as the Bank of England looks set to cut the interest rate further in the months ahead.
Gemma Young, chief executive of Moverly, said: “As we approach the halfway point of the current decade, the figures show that property market activity sits substantially higher than the previous decade and this will be welcome news for an industry that suffered greatly following the global financial crash in 2008.
“These positive figures come despite the fact that the property market has had to weather a period of prolonged uncertainty spurred by higher interest rates and now that we’ve weathered the storm and are heading in the right direction, the market looks set to continue performing well over the coming years.
“Whilst we can’t anticipate what might happen over the following five years, we’re currently on course for a very strong decade where transaction levels are concerned and this means that property professionals are likely to have a more consistently heavy workload than they have carried for a long time.”
Housing transactions increased in the 2000s, with 1.405 million homes sold on average each year, an increase of 8.6% from the 1990s.
After the damage of the global financial crisis in 2008 however, the number of homes sold across the 2010s dropped to 11.036 million homes sold, equating to an average of 1.104 million per year, with this average annual total sitting -22% below the previous decade.
Via @PropertyWire