What Is Currently Happening In The UK Property Market?

The UK Property Market for the week ending Sunday 7th April 2024 (Week 14) saw an expected drop in listings and sales as the normal Easter slowdown kicked in

In this week’s UK Property Market Stats Show with Alice Bullard from Nested, the headlines are as follows ..

+ House Prices on the 21k Sale Agreed homes in April stands at £346/sq.ft (March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft)

+ Listings for last week (Week 14) dropped 20.3% from last week’s figure (because of Easter)

+ Total Gross Sales YTD are 9% higher than 2023 YTD levels and 6.9% higher than 2017/18/19 levels.

+ Net Sales last week 3.3% higher than Week 14 2023, yet 9.1% below the 2024 weekly average (again because of Easter week – see the graphs of other years)

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

Chris’s In-Depth Analysis (Week 14) :

+ New Properties to Market: The UK saw 30,312 new listings. This year’s YTD listings stand at 476,586, 8.9% higher than the historical 8 year YTD average of 437,389 and 8.6% higher YTD 2023.

+ Average Listing Price: £449,059.

+ Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: Still at 23%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK and a lower propensity of London & SE properties causing this.

+ Price Reductions: Last week, 17,390 properties saw price reductions, a significant number compared to the 8-year Week 14 average of 12,382. This means 1 in 8.53 properties each month are being reduced (Long term average 1 in 9.9 per month)

+ Average Asking Price for Reduced Properties: £394,354.

+ Gross Sales: 21,235 properties were sold stc last week (a 11.2% decrease from last week’s Gross Sales figures). Yet we had the Easter weekend – and if you look at the graphs, this is expected.

+ Accumulative Gross Sales YTD: The total stands at 323,617, exceeding the average of 302,718 from 17/18/19 and 297,030 in the same week 14 in 2023.

+ Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £364,719 .

+ Sale Fall Throughs: Big decrease continues this week to 4,737, 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 drop from last weeks figure to 16,498.

+ Accumulative Net Sales YTD: The total stands at 254,041, 4.3% higher the 17/18/19 YTD Net sales average and 11.5% higher than the YTD figure for 2023 for Net Sales (2023 : 227,832).

+ Number of UK properties for sale at the end of March 2024 was 654,913, 11.8% higher than end of March 2023.

+ Number of UK properties in Estate Agents Sale Agreed (SSTC) Pipelines at the end of Q1 2024 was 410,841, 10.4% higher than end of March 2023 (interestingly 27.9% higher than the end of Q1 average for 2017/18/19/20.

This week’s local focus is on Folkestone

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