What is currently happening in the UK property market?

The UK Property Market for the week ending Sunday, 28th April 2024 (Week 17) saw an even better week for residential house sales than the week before, and that was the best week for gross residential property sales in nearly two years.

In this week’s UK Property Market Stats Show with Ben Madden, the headlines are:

+ House Prices on the 102k Sale Agreed homes in April stands at £344/sq.ft (Feb ’24 & March ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft). Important: The Nationwide B/Soc drop announced on Wednesday, was foretold by a drop in £/sqft back in Nov 23 and Dec 24, when it dropped 3.57% – it’s now bounced back and some!

+ Listings for last week (Week 17) – Just below last week’s listings, which was the highest week for listings since October 2020

+ Total Gross Sales YTD are 10% higher than 2023 YTD levels and 7% higher than 2017/18/19 levels. The best week for gross sales in the UK since July 2022

+ Net Sales last week 4.1% higher than Week 17 2023, and 16.6% higher the 2024 weekly average. Best week for net sales since May 2022.

+ Sale fall-throughs still at just over one in five sales.

Chris’ in-depth analysis (Week 17) :

New Properties to Market: The UK saw 39,039 new listings. This year’s YTD listings stand at 592,775, 11.7% higher than the historical 8 year YTD average of 530,322 and 9.4% higher YTD 2023.

Average Listing Price: £453,542 .

Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 24.6%. 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, 22,997 properties saw price reductions, a significant number compared to the eight-year Week 17 average of 14,886. This means one in 6.47 properties each month are being reduced (Long term average 1 in 9.9 per month)

Average Asking Price for Reduced Properties: £414,903.

Gross Sales: 27,712 properties were sold stc last week.

Accumulative Gross Sales YTD: The total stands at 404,929, exceeding the average of 375,117 from 17/18/19 and 368,120 in the same week 17 in 2023.

Average Asking Price of Sold STC Properties: Still staying in the  £350k/£360k range at £364,018.

Sale Fall Throughs: Similar to last week 5,930. For comparison, 5,131 YTD  ’24 average weekly figure (& 7,590 weekly sale fall throughs in two months after Truss Budget in Q4 2022).

Sale Fall Through Rate: Decreased from last week, to 21.4% for the week (8 years average is 24.8%).

Net Sales: An increase from last week’s figure to 21,782. YTD ’24 average 18,688

Accumulative Net Sales YTD: The total stands at 317,694, 5.3% higher the 17/18/19 YTD Net sales average (301,676) and 11.9% higher than the YTD figure for 2023 for Net Sales (2023 YTD : 283,793).

£/Sq.ft: As foretold in previous Stats Shows when we measure the £/sqft at sale agrees, this follows through to the Land Registry and other Indexes between three to six months later. See the dip in Nov ’23 to Dec ’23

This week’s local focus is on Slough



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