The UK Property Market for the week ending Sunday, 26th May 2024 (Week 21) saw the record breaking for gross house sales – the best fortnight since May 2022.
In this week’s UK Property Market Stats Show with Iain White, the headlines are as follows:
· House Prices on the 97k Sale Agreed homes in May stands at £348/sq.ft (April ’24 – £344/sq.ft, March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft). House prices are 5.1% higher than
· Listings – 3rd best week for listings in 2024
· Total Gross Sales YTD are 10.2% higher than 2023 YTD levels and 7.8% higher than 2017/18/19 levels.
· Net Sales – 15.4% higher the 2024 weekly average & 2nd best week in nearly two years
· Sale fall-throughs remain steady at just over 1 in 5 sales.
Chris’s In-Depth Analysis (Week 21) :
+ New Properties to Market: The UK saw 39,443 new listings. This year’s YTD listings stand at 745,714, 13% higher than the historical 8 year YTD average of 659,904 and 9.9% higher YTD 2023.
+ Average Listing Price: £459,387.
+ Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 24.4%. 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, 20,663 properties saw price reductions, a significant number compared to the 8-year Week 18 average of 14,286. This means 1 in 7.17 properties each month are being reduced (Long term average 1 in 9.9 per month)
+ Average Asking Price for Reduced Properties: £410,729
+ Gross Sales: 27,929 properties were sold stc last week
+ Accumulative Gross Sales YTD: The total stands at 511,836, exceeding the average of 474,975 from 17/18/19 and 464,617 in the same week 21 in 2023.
+ Average Asking Price of Sold STC Properties: Still staying in the mid £360/370k’s range at £369,397.
+ Sale Fall Throughs: Similar to last week at 6,203. For comparison, 5,292 YTD ’24 average weekly figure (& 7,590 weekly sale fall thrus in two months after Truss Budget in Q4 2022)
+ Sale Fall Through Rate: Similar to figures seen in the last few months, to 22.1% for the week (8 years average is 24.8%) (Remember it was 40%+ in Q4 2022)
+ Net Sales – at 21,726. YTD ’24 average 19,081.
+ Accumulative Net Sales YTD: The total stands at 400,697, 5.4% higher the 17/18/19 YTD Net sales average (380,134) and 11.5% higher than the YTD figure for 2023 for Net Sales (2023 YTD : 359,523).
+ 672k properties on the market in the UK at the end of April 2024 .
This week’s local focus is on Darlington.
The 5.1% house price rise is since December 2023.
You have to remember this is a national figure. Some areas have done better than this and others, much worse
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Across the UK, every region has witnessed significant growth in sales numbers/transactions.
London leads the charge with a remarkable 20.8% to the YTD until the end of April increase in homes sold stc, followed closely by East Anglia at 19.6%, and the South East at 19.5%. The Midlands are not far behind, with the East Midlands reporting an 18.2% rise and the West Midlands at 18.0%.
In the North, the North West saw a 17.7% increase, Yorkshire & the Humber recorded a 17.3% rise, and the North East improved by 14.7%. The South West experienced a solid growth of 16.1%, while Wales showed a robust increase of 14.0%. Both Scotland and Northern Ireland matched with a 12.4% uptick in sales.
The end of month Regional figures for end of may will done next week. There shouldn’t be a huge difference between April & May
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