Opportunity for credit providers as homemovers soar

The number of homemovers in the UK is set to reach its highest level for over a decade reveals the latest Property & Homemovers report from data specialists, TwentyCi.

The report reveals that in comparison to Q3 2019 new instructions are up by 36 per cent equating to 150,000 properties and sales agreed having increased by 53 per cent or by 160,000 homes.

The volume of sales agreed has already surpassed the level achieved in 2019 and the number of new instructions is currently at 92 per cent of last year’s total despite an effective market shut down during lockdown.

Exchanges are currently down 40 per cent, as a result of lockdown but a rush of completions is expected over the coming months. The surge in the property market since July has resulted in an increase of people that say they ‘want to move’ up by 76 per cent from Q4 of 2019. Data from TwentyCi’s Homemover Wave reveals that this category now stands at over 523,000 people suggesting that the property market will remain buoyant well into 2021. Those in the ‘moving soon’ category have also increased by 57 per cent over the same time frame, equating to 407,389 homemovers.

The lettings market is also in recovery and has almost returned to the same level as pre-lockdown. New instructions are marginally down by one per cent, but lets agreed are up by six per cent.

Comments Colin Bradshaw, Chief Customer Officer, TwentyCi: “What the data shows us is that a higher percentage of people than normal are on the move. For credit providers 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.”