The number of homemovers in the UK is set to reach its highest level for over a decade, according to the latest property and homemovers report from data specialists TwentyCi.
The report reveals that in comparison to Q3 2019, new instructions are up by 36% whilst sales agreed have increased by 53%.
The volume of sales agreed has already surpassed the level achieved in 2019 and the number of new instructions is currently at 92% of last year’s total despite an effective market shutdown during lockdown.
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Exchanges are currently down 40%, as a result of lockdown, but a rush of completions is expected over the coming months.
Data from TwentyCi’s Homemover Wave reveals that 523,000 people suggested that they want to move, whilst the number of those who are keen to move soon has increased by 57%.
The lettings market is also in recovery and has almost returned to the same level as pre-lockdown.
New instructions are marginally down by 1%, but lets agreed are up by 6% according to the data.
Colin Bradshaw, chief customer officer at TwentyCi: “What the data shows us is that a higher percentage of people than normal are on the move.
“For financial services organisations this is welcome news as people that move house typically need financial services from credit and mortgages through to loans.
“Moving house is an expensive business, in fact an estimated £10bn of retail spending is attributed solely to homemovers.
“The key for financial services that want to capitalise on this opportunity is harnessing the data to create targeted marketing campaigns that reach recipients just at the right moment. Understanding where people are in their moving journey is critical.”