Connells Group have released figures showing that the number of sales agreed were up 7% year on year in Q4 2023
Data from across all 80 plus brands in the agency giant reveals that 2023 ended positively for the sales market.
Registrations from applicants increased 26% year-on-year translating into good activity. Viewings increased 18% on Q4 2022 as buyer sentiment seemed to improve. This increase in buyer appetite was also fuelled by a significant increase in homes for sale.
The group banked a 5% increase in instructions at the end of 2023 when compared to the last quarter in 2022.
Analysing their mortgage services data, when comparing the month of December, 2023 also saw the highest number of first time buyers over a five year period, since the acquisition of Countywide.
Regionally, the North saw the largest number of first time buyer mortgage applications for Q4 with London seeing the least.
Ian Fry, national managing director of estate agency for Connells Group commented on their performance,
He said: “2023 ended forecasting a better start to 2024 than last year which still held the hangover of the mini budget. December saw a busier sakes market than November, bucking a five year trend and giving a good resilience to the start of 2024.
“Sales agreed, new instructions and buyer registrations were all up year on year. As interest rates look set to remain steady buyers and sellers are regaining confidence.”
Graham Closier, mortgage development director for Connells Group, commented: “At the end of 2023, the mortgage market performed well, this was supported by a good level of activity in the second hand sales market.
“Prices have fallen and the supply of homes for sale continues to increase presenting a good opportunity for first time buyers.”
Year-on-year, Q4 2023 first time buyer numbers outperformed Q4 2022 by an increase of 37%.
Overall, first-time buyers made up 31% of the group’s business in Q4 and 62% of their purchase mortgages.
