UK House Prices & Number of House Sales at Record Levels (Stats Show - Wk 6 2024) Ep. 1790
UK House Prices & Number of House Sales at Record Levels. This week’s UK Property Market Weekly Report on YouTube for the week ending Sunday, 11th February 2024 (Week 6), presents a continued robust picture of the UK Property Market. · House Prices on Sale Agreed homes rise in Week 6 to £339/sq.ft (Jan ’24 to £331.35/sq.ft) · Listings for last week (Week 6) are 17% higher than 2024 YTD average · Gross sales for last week 20.3% higher the weekly YTD 2024 average (and 19.76% higher than the 2023 weekly average) · Last week’s net sales - 31.4% higher then theof 2023 weekly average · Sale fall-throughs continue to be at record lows at 1 in 5 sales. 🔗 YouTube Link to The Show https://youtu.be/X1u4F6FzB1s Chris’s In-Depth Analysis (Week 6) : * New Properties to Market: The UK saw 35,578 new listings (the 8-year average for Week 6 is 33,124). This year's YTD listings stand at 187,370, surpassing the historical 8 year YTD average of 171,729. * Average Listing Price: A key figure of £422,081. * Listing vs Sale Agreed Prices: The difference stands at 20.2%. The ideal figure is in the mid-teens. This shows the upper end priced properties aren’t selling as well * Price Reductions: Last week, 18,810 properties saw price reductions, a significant number compared to the 8-year average of 13,859. This means 1 in 8 properties each month. Is that enough? I don’t believe so. * Average Asking Price for Reduced Properties: At £390,705 , this shows me the lower to mid price properties are being reduced. * Gross Sales: Impressively, 24,954 properties were sold stc last week. Average for 17/18/19 is 22,780 for Week 6 * Accumulative Gross Sales YTD: The total stands at 124,426, exceeding the average of 115,274 from 17/18/19. * Average Asking Price of Sold STC Properties: Holding steady at £350,202, mirroring the latter half of 2023. * Sale Fall Throughs: Counted at 5,034, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs. * Sale Fall Through Rate: Dropped again to 20.17%, levels not seen since the Spring of 2022. As you can see from the graph, this is a downward trend that started Spring 2023 * Net Sales at 19,920 for the week, above the 17/18/19 average of 18,173 for Week 6 * Accumulative Net Sales YTD: The total stands at 95,193, exceeding the average of 91,748 from 17/18/19. As we half way through the second month 2024, the property market continues to show promising signs of strength and resilience. Yet it's vital, however, to approach each week with a strategic mindset. My message to all Estate Agents - Your goal remains 100% laser clear: Engage in proactive prospecting for new properties to sell, ensure accurate valuations (dont forget only got paid on 52.8% of the homes you tried to sell in 2023 (paid = exchanged and completed), and focus great sales progression to get the sale through to exchange. Graphs & Charts https://we.tl/t-usPQmXoh0f