According to data from TwentyEA, there has been a notable increase in asking prices at the initial instruction stage. Over the past year, these prices have risen by nearly 3.5%, and since 2019, they have experienced a significant growth of 24%, resulting in a compound annual growth rate (CAGR) of 4.4% per annum.

The research conducted by TwentyEA also reveals a growth of 4.7% in exchanged prices in the past year, with a remarkable surge of 22% since 2019.

In terms of numbers, the average property has seen a growth of approximately £16,000 over the past year, translating to a substantial increase of £66,000 since 2019.

Interestingly, the percentage gap between the initial asking and exchanged prices in 2023 remains comparable to the figures observed in 2019.

It is worth noting that, except for 2021, the percentage gap has remained relatively consistent throughout the other years analyzed.

The research highlights the regions with the highest year-on-year growth in instruction prices. Northern Ireland takes the lead with a growth rate of 9%, followed closely by the North West at 7.5% and Scotland at 7.1%.

Similarly, in terms of exchanged prices, Northern Ireland exhibits the highest growth rate at 8.2%. The South West is the only other region surpassing the 7% mark.

Conversely, Outer London has experienced the lowest growth in exchanged prices, recording a modest increase of 2.8% compared to other regions.

Another noteworthy finding is the increase in price changes observed across various price brackets, particularly within the range of £200,000 to £350,000.

Katy Billany, executive director of TwentyEA, provided insights into the research findings, stating, "When we isolate the movement of the past year, with growth nearing 100%, it may raise concerns for 2023. However, a comparison to pre-pandemic 2019 data reveals that the levels observed in 2023 are within the expected range."

Billany further remarked, "Our research indicates that London and Northern Ireland have experienced relatively lower growth in terms of price changes, with figures of 19% and +43% respectively."

These findings shed light on the dynamic nature of the real estate market, presenting both potential opportunities and challenges for industry stakeholders.