Our researchers at Bird & Co have recently studied the latest ONS statistics, providing a detailed analysis of property sales in Q1 2024, and establishing what these figures tell us about the housing market in England and Wales.
The research centres on property sale figures, both nationally and in London, to identify the areas with the highest and lowest volume of property sales.
We’ve focused on the top and bottom ten locations for property purchases, across England and Wales, as well as a detailed look at London.
Property Sales for England and Wales in Q1 2024
Part of the ONS study focused on the property sale figures across the whole of England and Wales in Q1 2024. By studying the statistics, our researchers focused on identifying property trends for Q1 and the reasons for some areas experiencing a higher volume of sales than others.
Top ten areas for property sales in England and Wales
The data revealed that the top ten areas for property sales in England and Wales were as follows:
Position | Local authority name | Properties Sold |
|---|---|---|
1 | Leeds | 7,836 |
2 | Birmingham | 7,431 |
3 | Cornwall | 6,415 |
4 | Somerset | 6,328 |
5 | County Durham | 5,964 |
6 | Buckinghamshire | 5,358 |
7 | Wiltshire | 5,340 |
8 | Cheshire East | 5,116 |
9 | Bradford | 4,976 |
10 | Sheffield | 4,861 |
In Leeds, there were 7,836 property sales in Q1 of 2024. These sales made up 2.19% of properties in that location.
Property sales in Birmingham were not far behind, with 7,431 properties sold, making up 1.75% of all properties in that area.
The average house price in Leeds during this period was £238,034, and the average house price in Birmingham was £231,275, making both areas relatively affordable options compared to other areas of England and Wales. This could, in part, explain these trends.
Throughout 2023, the UK experienced much economic uncertainty, which was reflected in the property market. However, during the first quarter of 2024, we started to see more economic stability and improved mortgage rates, which were represented in the significant volume of sales across many areas of England and Wales.
Bottom ten areas for property sales in England and Wales
The data revealed that the least popular areas for property sales in England and Wales were as follows:
Position | Local authority name | Properties Sold |
|---|---|---|
1 | Isles of Scilly | 9 |
2 | City of London | 137 |
3 | Rutland | 460 |
4 | Merthyr Tydfil | 464 |
5 | Oadby and Wigston | 559 |
6 | North Warwickshire | 589 |
7 | Isle of Anglesey | 594 |
8 | Melton | 603 |
9 | Blaenau Gwent | 608 |
10 | Ceredigion | 648 |
As we can see, the Isles of Scilly saw the lowest number of property sales with just 9 sales in Q1, followed by the City of London, where 137 properties were sold in the first quarter.
Naturally, the low property sales in the Isles of Scilly can be attributed to its rural location and size; at just 6 square miles, it is home to approximately 2,000 people.
The majority of areas in the bottom ten are rural locations, including Rutland, Merthyr Tydfil, and the Isle of Anglesey. Urban areas have historically tended to experience a higher volume of property sales, in comparison with rural areas, with many buyers looking to be closer to local amenities and be able to easily commute to work.
During the pandemic, we did see a slight deviation from this, with many remote workers choosing to escape the city in favour of more rural locations. In 2024, however, we can see that cities are outperforming the countryside in terms of property sales, as before.
Property Sales for London in Q1 2024
Part of the ONS study focused on the property sale figures across London in Q1 2024. By studying the data, our researchers focused on assessing property trends for Q1, as well as comparisons between different areas of the capital.
Top ten locations for property sales in London Q1 2024
The data revealed that the top ten areas for property sales in London were as follows:
Position | Local authority name | Properties Sold |
|---|---|---|
1 | Wandsworth | 3,702 |
2 | Bromley | 3,198 |
3 | Croydon | 2,790 |
4 | Lambeth | 2,603 |
5 | Barnet | 2,491 |
6 | Havering | 2,313 |
7 | Southwark | 2,167 |
8 | Lewisham | 2,154 |
9 | Ealing | 2,145 |
10 | Richmond upon Thames | 2,104 |
According to the data, Wandsworth saw the most house sales across London in the first quarter of 2024. There were a total of 3,702 properties sold in Wandsworth, the equivalent of 2.46% of the total properties in this area.
Bromley was the second most popular location for house sales in London, with a total of 3,198 sold, making up 2.25% of all the properties in that location.
The average price of a house in Wandsworth during this period was £611,502, whilst the average price in Bromley was £498,638.
Areas such as Wandsworth and Bromley tend to attract both young professionals and families. These areas are fairly affordable when compared to the centre of London, and have great transport links, sought after schools, and many attractive amenities.
Bottom ten locations for property sales in London Q1 2024
The data revealed that the following areas experienced the lowest volume of property sales in the first quarter of 2024:
Position | Local authority name | Properties Sold |
|---|---|---|
1 | City of London | 137 |
2 | Barking and Dagenham | 921 |
3 | Newham | 1,191 |
4 | Brent | 1,295 |
5 | Harrow | 1,311 |
6 | Kensington and Chelsea | 1,413 |
7 | Hounslow | 1,446 |
8 | Camden | 1,486 |
9 | Kingston upon Thames | 1,522 |
10 | Islington | 1,569 |
As we can see, City of London experienced the lowest volume of property sales out of all of the local authorities in London. The average house price in City of London is £725,221, and so, the lower volume of sales could be partially explained by the higher prices.
However, the key reason that The City of London experienced the lowest volume of sales is likely because this area is first and foremost a business and financial district and therefore has a lower number of residential properties in comparison to London’s various boroughs.
As we can see from the table, another area which had a significantly low number of property sales in comparison to the rest of London was Barking and Dagenham. The average house price in this local authority is £319,693.
Despite being significantly more affordable than the top two London areas, properties in Barking and Dagenham have historically experienced less demand compared to Wandsworth and Bromley.
Over the years, regeneration work has been in progress in Barking and Dagenham. However, the area still tends to be much less popular with buyers in comparison to boroughs that are more modern and reputable, such as Bromley and Wandsworth.
Barking and Dagenham's transport links are more limited than those of other boroughs in London, which are more central.
Types of properties sold in Q1 2024
Taking a closer look at the types of properties sold in each area, we can get an even greater sense of the property market across England and Wales, and London.
Types of properties sold in England & Wales in Q1 2024
Of our top 10 and bottom 10 national locations, the most popular property types sold were:
| Position | Local authority name | Most Popular Property Type |
|---|---|---|---|
Top 10 England & Wales | 1 | Leeds | Semi-detached |
2 | Birmingham | Terraced | |
3 | Cornwall | Detached | |
4 | Somerset | Detached | |
5 | County Durham | Terraced | |
6 | Buckinghamshire | Detached | |
7 | Wiltshire | Detached | |
8 | Cheshire East | Detached | |
9 | Bradford | Terraced | |
10 | Sheffield | Semi-detached | |
Bottom 10 England & Wales | 1 | Isles of Scilly | Terraced |
2 | City of London | Flats/maisonettes | |
3 | Rutland | Detached | |
4 | Merthyr Tydfil | Terraced | |
5 | Oadby and Wigston | Semi-detached | |
6 | North Warwickshire | Semi-detached | |
7 | Isle of Anglesey | Detached | |
8 | Melton | Detached | |
9 | Blaenau Gwent | Terraced | |
10 | Ceredigion | Detached |
Across the board, we can see that houses were highly popular across England and Wales. The only location in our top and bottom 10 where flats were the most popular choice was City of London; to be expected considering the high prices and the young professional demographic.
Other than this, we can see a real mixture, with many favouring detached and semi-detached properties. However, the predominant property type is detached homes, which could indicate higher availability of these types of homes in these areas, or that the demographic of people buying is perhaps those looking for family homes, or those with higher income.
Types of properties sold in London in Q1 2024
Of our top 10 and bottom 10 London locations, the most popular property types sold were:
Position | Local authority name | Most Popular Property Type | |
|---|---|---|---|
Top 10 London | 1 | Wandsworth | Flats/maisonettes |
2 | Bromley | Flats/maisonettes | |
3 | Croydon | Terraced | |
4 | Lambeth | Flats/maisonettes | |
5 | Barnet | Flats/maisonettes | |
6 | Havering | Semi-detached | |
7 | Southwark | Flats/maisonettes | |
8 | Lewisham | Flats/maisonettes | |
9 | Ealing | Flats/maisonettes | |
10 | Richmond upon Thames | Flats/maisonettes | |
Bottom 10 London | 1 | City of London | Flats/maisonettes |
2 | Barking and Dagenham | Terraced | |
3 | Newham | Flats/maisonettes | |
4 | Brent | Flats/maisonettes | |
5 | Harrow | Semi-detached | |
6 | Kensington and Chelsea | Flats/maisonettes | |
7 | Hounslow | Flats/maisonettes | |
8 | Camden | Flats/maisonettes | |
9 | Kingston upon Thames | Flats/maisonettes | |
10 | Islington | Flats/maisonettes |
As is to be expected, the most popular property type in London is flats. This is most likely down to property availability, property prices, and the demographic of people looking to buy here.
The only outliers are Croydon, Barking and Dagenham, Havering and Harrow, which could indicate the demographic in these locations favours families, or those on higher incomes.
What does the data reveal about the property market in Q1 2024?
During 2023, the cost of living crisis and economic uncertainty created financial pressure for many individuals and families. Inflation and mortgage rates rose, as did unemployment, all having a negative impact on the property market.
Yet, at the beginning of 2024, we saw improvements in the economy, including improved mortgage rates, and consequently, the property market began to look healthier, particularly at the start of Q1.
As well as the better mortgage rates, at the start of the first quarter we saw improved employment rates and wage growth. All of these factors had a positive impact on the property market, as we saw a significant number of property sales across many areas of the UK, including Leeds, Birmingham and Cornwall.
Property trends beyond the first quarter of 2024
Though the property market conditions began to improve at the beginning of the year, house sales did begin to slow in the latter part of Q1. Many potential buyers grew concerned about affordability, and interest rate cuts in the future.
Mortgage approvals certainly showed signs of improvement in February. However, throughout 2024, inflation pressures and rising prices have continued to prevent many buyers from purchasing a property.
Recent housing price data revealed that ‘house prices in the UK increased for the sixth month in a row in August.’ This took the average price of a property to £292,924, almost £8,000 higher than a year earlier.
Regardless, it is essential to consider that property prices and market trends are consistently subject to change. Property market predictions for the remainder of 2024 and beyond are incredibly mixed, with certain experts foreseeing rising prices, while other sources predict the opposite.
Overall, several market conditions have certainly improved throughout the summer, and moving into autumn, including lower interest rates and wage growth, and this will continue to increase mortgage affordability for many buyers across the UK and London.
Methodology and Data Sources
Data sources
- ONS: Number of dwellings by housing characteristics in England and Wales
- ONS: Residential property sales for administrative geographies
- ONS: UK House Price Index: data downloads March 2024
Methodology
We ordered the house sales data from top to bottom to reveal the areas with the highest and lowest sales across England & Wales, and London.
To find the percentage of sales in each location, we compared house sales in each Local Authority to dwelling figures in each Local Authority. Similarly, to find the most popular property types in each location, we compared sales of each property type to the total sales in each location.
Each data source refers to the most recent figures published by the ONS, however, time frames between data sources may vary. All interpretations are that of the Bird & Co researchers.