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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