What is currently happening in the UK property market?


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.

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