What is currently happening in the UK property market?

The UK property market for the week ending Sunday, 21st April 2024 (Week 16) saw the best week for gross residential sales in nearly two years, best week for listings Oct 2020, yet that is all tempered with a worrying amount of over valuing by estate agents.

In this week’s UK Property Market Stats Show with Kristian Stott, the headlines are as follows:

+ House Prices on the 82k Sale Agreed homes in April stands at £343/sq.ft (March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft)

+ Listings for last week (Week 16) – Highest since October 2020

+ Total Gross Sales YTD are 9.9% higher than 2023 YTD levels and 9.2% higher than 2017/18/19 levels. The best week for Gross Sales in the UK since July 2022

+ Net Sales last week 8.5% higher than Week 16 2023, and 14% higher the 2024 weekly average

+ Sale fall-throughs still at just over 1 in 5 sales.


Chris’ In-Depth Analysis (Week 16) :

New Properties to Market: The UK saw 39,487 new listings. This year’s YTD listings stand at 553,736, 11.2% higher than the historical 8 year YTD average of 497,991 and 9.9% higher YTD 2023.

Average Listing Price: £466,506.

Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 28%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK, higher valuing properties for sale (downsizing) and a lower propensity of London & SE properties to sell causing this.

Price Reductions: Last week, 22,330 properties saw price reductions, a significant number compared to the 8-year Week 16 average of 13,917. This means 1 in 6.64 properties each month are being reduced (Long term average 1 in 9.9 per month)

Average Asking Price for Reduced Properties: £416,098.

Gross Sales: 27,071 properties were sold stc last week.

Accumulative Gross Sales YTD: The total stands at 377,217, exceeding the average of 351,027 from 17/18/19 and 341,883 in the same week 16 in 2023.

Average Asking Price of Sold STC Properties: Still staying in the  £350k/£360k range at £364,382.

Sale Fall Throughs: Slight increase this to 5,982 Always have a jump after the easter holidays). For comparison, 5,022 YTD  ’24 average weekly figure & 7,590 weekly sale fall thrus in two months after Truss Budget in Q4 2022.

Sale Fall Through Rate: Decreased from last week, to 21.66% for the week (8 years average is 24.8%)

Net Sales increase from last week’s figure to 21,089. YTD ’24 average 18,495

Accumulative Net Sales YTD: The total stands at 295,912, 4.8% higher the 17/18/19 YTD Net sales average (282,342) and 12.6% higher than the YTD figure for 2023 for Net Sales (2023 YTD : 262,871).

£/sqft sale agreed in April 2023 MTD at £343/sqft Graph 22

This week’s local focus is on Southend.

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  1. MrManyUnits

    Let me guess, lots of portfolio LL’s selling/overwhelming the market, many reductions, all sale’s taking too long and high fall through rate, but press and Agents are talking up the imaginary 1% price rise despite 5% inflation?

    1. Chris Watkin

      MrMany Units – you are kind of right and not so in others my friend

      lots of portfolio LL’s selling/overwhelming the market – nope – number of lettings still rising

      many reductions – decent amount

      all sale’s taking too long – nope – the days are dropping

      and high fall through rate – nope – thats way below long term levels

      but press and Agents are talking up the imaginary 1% price rise despite 5% inflation – house prices have risen in line with inflation

      Thank you for your input Sir

      1. MrManyUnits

        Thank you, obviously I take an interest but it’s nice to hear from the shop floor-so to speak.

        Most of my views are based on Rightmove where there does seem higher than normal listings and 25% are deductions, most of the portfolio Landlords friends like myself are off loading but we are in the boomers category living the dream in the sun. ,

        1. Chris Watkin

          You enjoy that Sun!

  2. Chris Watkin

    Sale Agreed to Exchange time has reduced by 8 days in the last 12 months compared to the 12 months before that

  3. Chris Watkin

    Market Overview for Southend: The discussion highlighted a dynamic and fluctuating property market in Southend.

    There was a focus on how different estate agents are performing, particularly in terms of property listings, sales, and their ability to manage inventory effectively.

    Performance of Specific Agents:

    Gilbert and Rose: Noted for significant market share and aggressive pricing strategies, but there were concerns about their ability to close deals effectively.

    Bears Estate Agents: Similar to Gilbert and Rose in terms of market share and competitive pricing, but with slightly better performance in closing deals.

    Home Estate Agents: Showcased as a high-performing agent with a good balance between listing and selling properties efficiently.

    Hunt Roach and Deadman’s Gray: These agents were noted for different strategies. Hunt Roach has a longer duration from listing to sale, suggesting a slower market approach or possibly dealing with higher-end properties that take longer to sell. Deadman’s Gray was highlighted for low pricing strategy effectiveness, suggesting they might be pricing properties too optimistically.

    Challenges and Opportunities: The narrative also touched on challenges like high withdrawal rates and the importance of pricing properties correctly to avoid these issues. The show emphasised the need for estate agents to adapt strategies based on real-time market data to optimise listings and improve sales rates.

    General Market Sentiments: The discussion often circled back to the broader themes of market saturation, the timing of sales, and the importance of adjusting business strategies according to market conditions to maintain or improve market share.

    This summary reflects the nuanced and detailed analysis provided in the show regarding the performance of estate agents in Southend, highlighting the varied strategies and their outcomes in the competitive property market.

  4. Isa B Agent

    Top class commentary from Chris.

    This is exceedingly better than the usual cringeworthy puff pieces that claim to be news . A job well done.

    1. Chris Watkin

      Thank you for your kind words Isa B Agent – this takes 4 to 5 hours a week to sort, yet the insight I get , and I hope the industry gets is worth it

  5. TDGC

    Nice one Chris.

    Interesting around the reduction in sale agreed to exchange, whereas, currently, this is our biggest issue and, dare i say it, down to being in the hands of lacklustre conveyancers, who are suggesting to their clients that ‘most deals are taking 16-18 weeks, so relax!’ (Hardly motivational and proactive. Thank god the one we are passionate about recommending (never thought i’d say that about conveyancing) operates a tight ship, price reflective of service and proactiveness and gets the job done, or is invariable ready to go before everyone else.

    Why is it that sales are taking as long, if not longer, that they were 30 + years ago? Blows my mind

    1. MrManyUnits

      Computers while mowing the lawn?


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