The UK’s housing market showed further signs of a slowdown in the past week and analysts Iain McKenzie and Chris Watkin expect activity to remain subdued as higher borrowing costs hit new buyer enquiries.
The pair discussed the current state of the property market in the latest UK Property Market Stats Show.
The pair reflected on how difficult it is for estate agents to get sales through to exchange and completion at the moment, among a host of other industry related issues.
The key statistics of the UK Property Market for the week (Monday 10th July to Sunday 16th July 2023 inclusive):
+ New properties to the market (Listings): 34,682 for the week. The 2023 running weekly average is 32,963.
+ Average Listing price: £436,421. The 2023 running weekly average is £434,300.
+ Price reductions: 24,026. The 2023 running weekly average is 19,126.
+ Average asking price of properties being reduced: £423,133. The 2023 running weekly average is £407,622.
+ Number of properties Sold (Gross Sales): 21,610. The 2023 running weekly average is 22,303.
+ Average asking price of those properties that Sold STC this week: £361,664. The 2023 running weekly average is £359,765.
+ Sale fall throughs: 6,350. The 2023 running weekly average is 5,275.
+ Sale fall through rate. The number sales fall throughs expressed as a percentage of this week’s gross sales: 29.38% The 2023 running weekly average is 24.4%. (ie this week .. the number of sale fall thrus was 6,350 and the number sale agreed was 21,610. So, 6,350 expressed as a percentage of 21,610 is 29.4%)
Finally, in the last 20 minutes of the show, they discuss in depth the Wigan property market