The latest data shows that despite the economic challenges, the number of properties marked as “Sale Agreed” i.e. marked as Sold stc last week, was 2.8% higher than the weekly average for 2023.
However, the sale fall though rates continue to rise, with the current weekly rate at 27.93%, surpassing the 25% threshold for the third consecutive week.
While this sale fall Through rate is not as high as the levels seen in Q4 2022 (when it averaged 38.7% per week), both Watkin and White said it was important to monitor this upward trend closely.
Listings, price reductions, house sales agreed and price reductions are analysed both nationally and regionally in the ‘UK Property Market Stats Show’ and estate agency bosses and their teams need to do with this data to ensure they are advising their vendors correctly and secure the the right kind of stock to get the property sold and get paid for the hard job they do.
The KPIs / Statistics of the UK Property Market for the week (Monday 26th June to Sunday 2nd July 2023 inclusive) …
+ New properties to the market (Listings): 34,230 for the week. The 2023 running weekly average is 32,843.
+ Average Listing price: £442,712. The 2023 running weekly average is £433,322.
+ Price reductions: 22,836. The 2023 running weekly average is 18,752.
+ Average asking price of properties being reduced: £429,680. The 2023 running weekly average is £406,431.
+ Number of properties Sold (Gross Sales): 22,993. The 2023 running weekly average is 22,370.
+ Average asking price of those properties that Sold STC this week: £365,366. The 2023 running weekly average is £359,554.
+ Sale fall throughs: 6,421. The 2023 running weekly average is 5,189.
+ Sale Fall Through Rate (Very Important Stat). The number sales fall throughs expressed as a percentage of this week’s gross sales: 27.93%. The 2023 running weekly average is 23.96%. (i.e. this week .. the number of sale fall throughs was 6,421 and the number sale agreed was 22,993. So, 6,421 expressed as a percentage of 22,993 is 27.93%)