What’s happening in the UK property market this week?

| Chris Watkin

This week’s UK Property Market Show welcomes special guest Iain White to talk about the current state of play in the UK Property Market for the week ending Sunday, 15th October 2023.

Summary of the main findings:

Listings YTD 2023 are 99.6% of the 2017/8/9 YTD average

Gross Sales YTD 2023 are 94.1%  of the 2017/8/9 YTD average

Net Sales YTD 2023 are 90.5% of the 2017/8/9 YTD average (last week 89.9% – so an improvement)

 

Looking at those statistics in more detail.

New Properties to the Market (Listings): The number of listings last week was 30,628. The 2023 YTD running weekly average stands strong at 32,627.

 

Average Listing Price: The average listing price is continuing showing sings of returning to the sums seen in the Summer.   Average Listing price this week £444,515. The 2023 running weekly average of £433,209. % Difference between Listing and Sale Agreed prices at 24% this week which is a little concerning. 2023 YTD average 21% and long term 7 year average 17%.

Price Reductions: 23,610 price reductions were seen last week. The 2023 running weekly average is 20,272 per week. This means approximately 14.8% of Resi Stock is being reduced per month (ie just under 1 in 7)

Average Asking Price of Properties Being Reduced: This week’s average asking price of reduced properties £410,929. The 2023 running weekly average of £403,722.

Number of Properties Sold (Gross Sales): Gross sales remained similar to last week’s Gross sales figures. Total number of gross sales in the UK last week was 20,596. For comparison, the 2023 running weekly average is 21,748 weekly sales (stc).

Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £358,832, which has remained quite static over the last few months. The 2023 running weekly average of £357,348.
Sale Fall Throughs: 26.18% sale fall thru rate (Sale fall Thru Rate % is the number of sales fall Thrus for the week expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 25.66% (although, don’t forget, in the same week of 2022 it was 40%+). The seven-year long-term average is 24.3%.

Net Sales This Week: Net Sales increased to 15,206, excellent when compared to the Q3 average to 14,829. The running weekly average since July is 14,553 per week. In the weekly YouTube Show this week on the UK Property Market, special guest Iain White and myself talk about the current state of play in the UK Property Market for the week ending Sunday, 15th October 2023.

Net Sales Year-to-Date: Despite the challenges, the year-to-date net sales of 673k showcase despite the challenging economic news, the market is 9.5% behind the 2017/8/9 average YTD for net sales
Estate Agents Sales Pipelines : Despite the challenges, 412k properties are currently sold stc and in agent’s sales pipelines.  That is 11.1% higher for September than the Sept averages of 2017/18/19. The turquoise lines are every September to show like for like.
In the last 20 minutes of the show, there is the usual local focus, and this week it is on Sutton-in-Coldfield.

 

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