Spectre predicts 23% YoY increase in Q3 property sales figures, following release of Market Report.
Industry-leading marketing tool, Spectre, has predicted that the third and fourth quarters of 2024 should see sustained growth in sales activity compared to the same period in 2023, following the release of their quarterly Market Report.
The report highlighted a strong market shift following a tumultuous 2 years of activity, with findings showing that sales agreed are predicted to grow to 6.5% from last quarter to this quarter, with a 23% annual increase.
Spectre’s data predictions proved reliable with similar predictions for Q2 sitting within 5% of actual sales for the quarter. However, as market activity is heavily influenced by external factors, Q3 predictions are dependent on the trajectory of base rate and mortgage rates, as well as house price changes.
Spectre maintains that this increase will rely on a more stable interest environment and falling mortgage rates which should improve loan-to-income ratios and boost buyer power in the remaining months of 2024.
The turning point for sales activity correlates directly to the expected base rate cut in August of this year which should improve buyer affordability. Similarly, a more stable mortgage rate environment could also bring additional stimulus to the market.
Alongside a growth in sales agreed, Spectre is confident that listings will also remain strong as we enter the second half of the year. They predict that New Listing numbers in Q3 will grow slightly by 1% compared to last quarter. The forecasts also hint towards a stronger, more optimistic market dynamic with a 3% annual increase compared to Q3 last year.
The positive predictions have also been linked to the Labour Party’s recent victory in the General Election. The result of which is likely to bring a renewed focus to their ambitious plans to support the housing market, with a commitment to build 1.5 million new homes - 40% of which will be social and affordable.
Spectre’s Co-Founder, Heather Staff, commented: “The property market is showing positive signs in both current and predicted sales activity, presenting a huge opportunity for agents to capitalise on an increasingly active market.
“By leveraging advanced AI-powered tools, just like Spectre’s Propensity to Sell Model, agents can gain a competitive advantage, targeting and capturing properties that are most likely to sell, before they are even listed.
“This proactive approach allows agents to engage potential sellers early, positioning themselves at the forefront of market activity and maximising their potential for success in this current environment.".
Every quarter, agents can expect an updated report from Spectre, each containing valuable insights into market shifts, alongside analysis on withdrawals and reductions, regional performance, and more.
Spectre’s Q2 Market Report is available for agents to download and read for free here.
About Spectre
Undisputedly estate agents’ favourite instruction generation tool, Spectre’s suite of marketing tools helps agents to successfully win more first and second instructions.
Spectre’s prospecting platform covers sales and lettings, equipping estate agents with everything they need to grow their instruction numbers and expand their market share faster.
With more touch points than any other supplier, Spectre helps agents to gain motivated vendors in the form of second hand instructions, while Spectre Lettings is a revolutionary new way of prospecting landlords. Spectre constantly monitors properties on the market in an agent’s territory to identify key moments for agents to be in contact.
Click here to find out how Spectre can help your agency.
