What’s Happening In The UK Property Market?

Over the summer bank holiday, a period typically marked by quieter stats, the UK Property Market showcased its enduring strength. Even amidst economic challenges, it shone as a pillar of stability, silencing doubters with its steadfast performance

The special guest in this week’s ‘The UK Property Market Stat Show’ is Kristian Stott.

See the key statistics and scores on the doors that paint a picture of the past week’s (Week 34) UK property market (Monday, August 28th to Sunday, September 3rd, 2023) below the video.

+ New Properties to the Market (Listings): A reduced number of listings (26,728) made their debut last week. If you watch the show that you will see that this always happens in week 35 when we have August Bank Holiday weekend. The 2023 running weekly average stands strong at 32,612.

+ Average Listing Price: The average listing price jumped significantly this week to £433,996, as it has been slowly dropping in the last few weeks too there £390k’s / early £400s. Its still lower than 2023 running weekly average of £430,122.

+ Price Reductions: A total of 17,740 price reductions were seen last week, again lower than the most recent monthly average of 20,022 per week, but Bank Holiday would’ve had an affect on this. The 2023 running weekly average stays at 19,571.

+ Average Asking Price of Properties Being Reduced: This week’s average asking price of £416,771 with the 2023 running weekly average of £401,540.

+ Number of Properties Sold (Gross Sales): Gross sales are down by 14.7% this week at 17,091 for the week – yet, if you watch the YouTube show you will see sales always drop on August Bank Holiday by 14% to 15%. The 2023 running weekly average of 21,920 sales (stc) per week.

+ Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £347,971 (almost identical to the week before, and the week before that.) The 2023 running weekly average of £358,092). The average asking price of the properties going to sale agreed has dropped 6% since May 2023

+ Sale Fall Throughs: Sale Fall Throughs dropped last week to 28.95% sale fall through rate (Sale fall Throughs expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 25.31% (although don’t forget in Q4 2022 the average was North of 38%).

+ Net Sales This Week: Because Gross Sales were lower, then of course Net Sales will be lower. Some 12,144 net sales were achieved. Considering we are in the holiday period, this falls in line with the 2023 running weekly average of 16,517.

+ Net Sales Year-to-Date : Despite the challenges, the year-to-date net sales of 565k showcase despite the tough economic news, the market is only 9.2% behind the 2017/8/9 average YTD for net sales

Despite the skepticism and uncertainties, the UK property market demonstrates its resilience, holding strong even when challenged by difficult circumstances.

This week’s local focus in the last 20 minutes is is on Aylesbury

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