Forget what the doom mongers and clickbait merchants are saying about the UK property market. See what is really happening in the sector.
From the number of properties listed, what sort of properties are selling, the level of fall throughs, price reductions in the UK, this week’s video and information contained in it, will give you tools to give the best advice for your vendors and buyers and keep those sales together.
The video also looks at the different UK regional housing markets and gives advice on what you can do to ensure you get the right stock, at the right price, and keep your sales pipelines full.
The weekly ‘UK Property Market Stat Show’ is presented by Chris Watkin and he is joined by this week’s special guest, Bryan Mansell from Gazeal. Both of them love property stats and more importantly what they mean for estate and letting agents.
They look at, and comment on, some interesting stats and graphs – see below – reflecting on the latest trends in the UK and Regional housing market.
Headlines include:
- 21,748 properties sold (stc) last week in the UK (the highest in 2023)
- Sale Fall Thrus reducing (especially the East Midlands, North East and Yorkshire)
- Outer London & South East are some of the best performing housing markets in the UK.
- Inner London Estate Agents are listing the wrong types of homes, with a 31.9% variance between the average price of what they are listing properties for and what type of properties are selling.
- 90,520 UK properties sold (stc) so far in 2023 (up to 5th Feb ’23), amazing when compared with the 2017 to 2020 average of 92,756
- 139,006 UK New Listings so far in 2023 (up to 5th Feb ’23 / end of Week 5), interesting when compared to the 2017 to 2022 end of Week 5 average of 136,341 listings.
Also, this week’s special ‘local property market focus’ is on the town of Christchurch.
Bore fest by numbers.
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Meanwhile other Estate Agents take the stats to back up their value proposition to vendors, get the price reductions and keep the sales together …
Choice is yours Taliesin84.
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My choice is to use local knowledge and local comparables. This is needed on a street per street, village by village basis. Some interesting trends in your headlines when comparing 2023 with 2017 but give me strength with comments like “inner London agents are taking on the wrong properties”!
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Taliesin84 – you’re absolutely right that your use of local knowledge and local comparable is on a street by street basis is the pillar that all estate agency should be based on.
However that pillar rests on regional and national economic statistics which the show talks about.
You mention the phrase about Inner London and by definition it is purely a headline – to add some meat to the bone and save you having to watch the whole show, in London the average asking price of all the 12,164 properties that have come onto the market since the 1st of January has been £953,134.
However, of the 5136 properties that have sold in inner London in that same timeframe the average asking price of those properties before they went to sale agreed was £795,371, a difference of 19%
Yet when we go and look at Outer London where the market is more buoyant and a greater proportion of houses are selling … the average asking price of the instructions is £564,329 whilst the average asking price of those with sale agreed are coming in at £525,138 – only a 7.4% difference.
Thank you again for your interest – and I appreciate you’re probably very busy to do so, but if you get the chance please to watch the video as it has great insight from Bryan Mansall who used to be one of the best Countrywide London Directors around, on how (without teaching granny to suck eggs) .. to extract more sales, more price reductions more listings and more exchanges so we all get paid and help people move
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Eggs – suck
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Thank you J-B for your insightful thought 😉
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And yours
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#1 thing Estate Agents have to do in 2023
In this 2023 property market, compared to 2022, the one big change is the time between listing and selling a property has increased from a few weeks to nearly a couple of months
So if you’ve got a market where the time it takes has at least doubled and nearly tripled to find a buyer, then you’re going to have an increasing costs while you’re marketing.
So therefore, getting to your seller quicker to get an adjustment in price with and using the secret weapon of ‘property market stats’ as your ammunition to educate your seller, the more successful you will be
If you can get the property into that ‘sell price zone’ faster, you’ll find a buyer and therefore the faster you’ll help your vendor move and get paid your commission which is what we need to be doing.
You do not want sticky stock
(Sticky Stock – Properties on the market that are sitting on the market not getting viewings and offers)
You need to educate your sellers of the properties you list in the appraisal process of the need of decent pricing
You need to be more honest, using statistics on your local market, to educate home owners about what is lying ahead
… and if you do agree to list a property at a certain ‘higher’ price, make sure you’re agreeing that with a trade-off which is you know you will agree to put a load of marketing behind this at the ‘vendor’ price but you need to agree at listing, that when you have done that (that marketing which will take about ten days / two weeks to fully investigate the market), you agree upfront to adjust
Book in the diary a Zoom Call for Day 10 to 14 of listing (when you measuring up and getting the sole agency agreement signed)
Prepare the vendors and tell them if by Day 10 to 14 it hasnt got an offer, at that zoom call, you will be looking to get an adjustment in asking price
Vendor management is absolutely critical
The to success in 2023 in Estate Agency is the realisation of Estate Agents that Vendor Management is the number one priority on whether 2023 will be or
You should be having meaningful once a week vendor contact chat
Note I say a meaningful chat , and a chat from the person who put the house on the market. Your valuers and listers need to take personal responsibility for the properties they list
If you’ve got house sellers that won’t touch their asking price of their property until they find somewhere, then don’t have a conversation about price have a conversation about helping them find somewhere and keeping them motivated.
If someone finds somewhere they’re more likely to adjust their asking price, because if you hammer a seller who you know has not found somewhere to move to for a reduction you will accelerate their withdrawn from the market …
So be very careful with that so focus on the time get to the right asking price quicker,
give better adviceat the appraisal, get the asking prices down … you’ll get them sold you’ll survive and make and have a good year
(lifted from the UK Property Statistics Show – Week 5 above)
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