The UK Property Market for the week ending Sunday, 31st March 2024 (Week 13) continues its journey with regard to a decent levels of transactions and house prices achieved.

In this week’s UK Property Market Stats Show on YouTube with Iain McKenzie, the headlines are as follows:

 

• House Prices on the 109k homes Sold stc in March stands at £341/sq.ft – up 3% from Jan ‘ 24

 

• Listings for last week (Week 13) were 17% higher than Wk.13 Eight year average.

 

• Total Gross Sales YTD are 9.4% than 2023 YTD levels and 8.6% higher than 2017/18/19 levels.

 

• Net Sales last week 12.1% higher than Week 13 2023 at 5% above the 2024 weekly average (even though it was an Easter week)

 

• Sale fall-throughs still at 1 in 5 sales.

 

Chris’s In-Depth Analysis (Week 13) :

New Properties to Market: The UK saw 38,008 new listings.

This year’s YTD listings stand at 446,274, 9.2% higher than the historical 8 year YTD average of 408,422 and 9.4% higher YTD 2023.

 

 

Average Listing Price: £449,778.

Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: Still at 25%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK and a lower propensity of London & See properties causing this.

Price Reductions: Last week, 18,456 properties saw price reductions, a significant number compared to the 8-year Week 13 average of 12,273. This means 1 in 8.03 properties each month are being reduced (Long term average 1 in 9.5 per month)

Average Asking Price for Reduced Properties: £398,084.

 

Gross Sales: 24,093 properties were sold stc last week (a 8.9% decrease from last week’s Gross Sales figures). Yet we had Good Friday & Easter – and if you look at the graphs, this is expected (and next week as well)

 

Accumulative Gross Sales YTD: The total stands at 302,382, exceeding the average of 278,552 from 17/18/19 and 276,482 in the same week 13 in 2023.

Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £358,641 .

 

Sale Fall Throughs: Big decrease this week to 4,883, well below the 2023 whole of year average of 5,382 weekly fall-throughs and 7,590 weekly sale fall thrus in two months after there Truss’onomics Budget in Q4 2022.

 

Sale Fall Through Rate: Decreased from last week, to 20.27% for the week (8 years average is 24.8%).

 

Net Sales slight drop from last weeks figure to 19,210, still above the 17/18/19 average of 18,796 for Week 13.

 

Accumulative Net Sales YTD: The total stands at 237,543, 6% higher the 17/18/19 YTD Net sales average and 12.1% higher than the YTD figure for 2023 for Net Sales (2023 : 211,867).

 

House Prices on the 109k Sale Agreed homes in March stands at £341/sq.ft (Feb ’24 £339/sq.ft & Jan ’24 to £331/sq.ft)

 

Split of Listings of Sales and Listings show lower priced properties have a higher propensity of selling (see the graph) eg 35.4% of all listings in the UK in Q1 2024 were £25ok or under, yet 42.9% of sale agreed were in this price range

This week’s local focus is on Belfast.