This week’s UK property market weekly report for the week ending Sunday, 11th February 2024, presents a continued robust picture of the UK Property Market.
Chris Watkin, with this week’s special guest, Verona Frankish, CEO of YOPA, chat at length about the current state of the UK property market.
+ New Properties to Market: The UK saw 35,578 new listings (the 8-year average for Week 6 is 33,124). This year’s YTD listings stand at 187,370, surpassing the historical 8 year YTD average of 171,729. Graph & Chart 1
+ Average Listing Price: A key figure of £422,081.
+ Listing vs Sale Agreed Prices: The difference stands at 20.2%. The ideal figure is in the mid-teens. This shows the upper end priced properties aren’t selling as well Graph & Chart 2
+ Price Reductions: Last week, 18,810 properties saw price reductions, a significant number compared to the 8-year average of 13,859. This means 1 in 8 properties each month. Is that enough? I don’t believe so.
+ Average Asking Price for Reduced Properties: At £390,705 , this shows me the lower to mid price properties are being reduced.
+ Gross Sales: Impressively, 24,954 properties were sold stc last week. Average for 17/18/19 is 22,780 for Week 6 Graph & Chart 4
Accumulative Gross Sales YTD: The total stands at 124,426, exceeding the average of 115,274 from 17/18/19. Graph & Chart 5
+ Average Asking Price of Sold STC Properties: Holding steady at £350,202, mirroring the latter half of 2023.
+ Sale Fall Throughs: Counted at 5,034, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs.
+ Sale Fall Through Rae: Dropped again to 20.17%, levels not seen since the Spring of 2022. As you can see from the graph, this is a downward trend that started Spring 2023
Net Sales at 19,920 for the week, above the 17/18/19 average of 18,173 for Week 6 Graph & Chart 8
Accumulative Net Sales YTD: The total stands at 95,193, exceeding the average of 91,748 from 17/18/19.
Some agents only exchange contracts on less that 20% of everything they list, others exchange contracts on over 805 they they’re instructed on without a change of agent or any price juggling shenanigans, so telling agents they only get paid 52.8% of what they list misses the point that some agents are considerably better than others.
Its a real shame Eye doesn’t have the active community contributors and discussion it used to benefit from; I’m fairly sure these statos would not have gone unchallenged for as long as they have
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Robert – I agree with you that some agents exchange on 80% of what they list and others 20% … the 52.8% is an UK average of 15k estate agency forms … and that is the very nature of an average. If you watch the Stats Show each week, I always focus on a town or city and drill down and look at individual agents and their stats.
Also, I relish the chance to be challenged on these stats – so please do ask away.
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