Residential property sales in the UK slumped by 17.2% last week. But before all the doom-mongers jump on this as proof of the ‘property market apocalypse’, which some commentators have been predicting daily for the last six months, this seasonal trend is not dissimilar to what has happened in the more recent past, when the average drop in house sales in Easter week in 2016/7/8/9 was 16.8%.
The latest figures provided this week (Week 14 of 2023) reflect housing market activity on Monday, 3rd April ’23 to Sunday, 9th April ’23 inclusive.
+ 32,148 properties listed this week in the UK, compared to the weekly average of 31,345 listings per week since 1st January ’23. The average listing price of this week’s listings was £428,639.
+ 17,026 price reductions (4 week running average of 18,597 reductions per week and 17,400 week since 1st January’ 23) at average asking price of £395,725
+ Gross Sales of 20,548 this week (YTD weekly average is 21,216 gross sales) at an average asking price of £363,372 (a 17.96% difference). The Easter drop in sales from the week before was 17.2% (the average drop Easter week in 2016/7/8/9 was 16.8%)
+ Sell fall throughs: 4,583 (which represents 22.3% of gross weekly sales. For comparison, the 7-year weekly average is 24.28%)
+ Net Sales YTD is 227,832, 93.5% of the 2017/8/9 YTD net sales figure to the end of Week 14.
+ Most regions have seen a similar drop in sales and listings.
This week’s special guest is Bryan Mansell, head of Gazeal, and ex-director of Countrywide in London. He joins Chris Watkin (Property Stato) to look, analyse and comment on some interesting property stats, numbers and graphs which reflect the latest trends in the UK and Regional housing market.
In the last 20 minutes of the show, there is a particular focus on the Guildford property market, comparing market share and the effectiveness of all the Guildford Agents.