Analysis from TwentyCi’s Q2 24 Property & Homemover Report reports that nearly 1.35 million households were in various stages of the homemover journey at the start of the month (July) within the owner-occupied sector, compared with 1.27 million in April 2024, a +6% uplift.
At the start of July, there were 80,000 more households progressing through the homemover owner-occupied journey, compared with three months prior, its research has shown.
Sales agreed of residential properties were +15.1% higher than in Q2 2023 to 340,738 while exchanges were also up by +10.4% to 199,846. Both are signals for retailers to expect a rise in demand for furniture and bigger-ticket purchases as buyers style their new homes, says TwentyCi
TwentyCi’s figures show that around £1.3b is spent every year by homemovers on beds and furniture, £500m on soft furnishings, over £2b on various house improvements such as flooring and window coverings, and £4b on kitchens and bathrooms.
Additionally, a further £800m is spent on smart devices, such as the Amazon Echo or Nest, although Londoners spent more than double this amount (£1,793) on home tech.
The positive residential property market outlook is also accompanied by an improvement in consumer confidence. According to GfK’s July Consumer Confidence Index, this has risen for the fourth consecutive month.
Importantly, the Major Purchase Index - which includes big-ticket items such as furniture - increased seven points to -16, indicating people are feeling more open to spend money on big-ticket items.
Perhaps also boosted by the Euros, this is the best figure the Index has seen since February 2022, and significantly improved on the -32 reported for the same time last year, states TwentyCi.
Colin Bradshaw, CEO at TwentyCi, comments: “Our analysis shows the homemover segment contributes circa 3% to GDP through purchases made during the moving process (outside of the transaction value). This equates to a £29b lifeline of expenditure to the retail economy which is being impacted by the cost of living crisis, inflation and increased interest rates.
“With signs of optimism and stability in the housing market, the prospect of further rate cuts to come and lots of short-term support proposed by the new administration and a growing consumer confidence, it’s likely retailers will benefit throughout the rest of the year.
“We identify the best time to target consumers before or after their move and we generally observe that people who are moving home (whether they are homeowners or renters) are at least five times more likely to purchase certain goods compared to those who are staying put.”
Download the Property & Homemover Report here.
