Home Residential PropertyNew Build New-build sales volumes soar across the capital

New-build sales volumes soar across the capital

by Seamus Doherty Property Reporter
28th Nov 24 12:30 pm

The latest market insight from London’s largest lettings and sales estate agent brand, Foxtons, has revealed that the firmโ€™s New Homes and Investments team has seen a significant increase in market activity on an annual basis, with both the total volume and value of new-build sales climbing significantly in Q3 of this year.

The internal data from Foxtons shows that during the third quarter of this year, the volume of new homes transactions to have exchanged increased by 66.7% versus Q3 2023.

At the same time, the total value of new homes exchanged was some 64.8% higher than Q3 2023.

The firm also noted a 40.6% increase in the number of new homes going under offer, with the total value of these homes under offer again increasing by 42.8% annually.

The average price of new homes under offer in Q3 was also up 1.6% versus this time last year.

Data from TwentyEA also highlights the dominance of the New Homes and Investments team at Foxtons within the London market.

In Q3, the firm held 12.5% of total market share with respect to new instructions across the capitalโ€™s new-build market, with its closest competitor holding just 3.2% of total market share.

When it comes to exchanges, the New Homes and Investments team at Foxtons accounts for 10.1% of market share across the London market, with their nearest competitor again some way off the pace set by Foxtons at 4.4%.

New Homes Sales Director at Foxtons, Joel Ellis-Duffy, said, โ€œWhile itโ€™s fair to say that the new homes landscape has faced its challenges of late, at Foxtons, weโ€™ve seen a very strong performance building throughout much of this year, with Q3 delivering a significant uplift year on year. This is a trend we expect to continue for the rest of 2024, with Q4 shaping up to be considerably better than this time last year.

Although the economic headwinds, caused by higher interest rates, blew that little bit harder across the new-build sector, weโ€™re now seeing more offers being made and accepted and more transactions reaching completion. This increased level of market activity is also bringing a significant boost to the total market value being transacted.โ€

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