
Why choose a career as an Estate Agent in London?
October 3, 2023
When buying a flat, there are five key elements to consider:
October 16, 2023In the latest episode of the UK Property Market Stat Show, Iain McKenzie from The Guild and Chris Watkin discuss the current state of the housing sector in the UK. Despite negative headlines and skepticism, Watkin suggests that the property market is proving the naysayers wrong by maintaining a strong level of house sales.
One notable trend is the decrease in the number of sales falling through. This demonstrates the market’s resilience and contradicts predictions of a downturn.
Here are the key findings:
– The UK experienced the highest number of gross residential property sales since the end of July 2023.
– The percentage rate of residential property sale fall-throughs is at its lowest since early June 2023.
– The number of net residential property sales reached its highest point since the end of June 2023.
Let’s examine the statistics in more detail:
– New properties on the market (listings): Last week, there were 32,640 listings. The average for 2023 so far stands at 32,693 listings per week.
– Average listing price: The average listing price increased significantly for the third consecutive week, reaching £428,873. The running weekly average for 2023 is £432,292.
– Price reductions: Last week, there were 23,810 price reductions. The average for 2023 is 20,081 reductions per week.
– Average asking price of reduced properties: This week, the average asking price of reduced properties is £411,066. The running weekly average for 2023 is £403,292.
– Number of properties sold (gross sales): There was an increase in gross sales compared to the previous week. The total number of gross sales in the UK last week was 21,535. For comparison, the running weekly average for 2023 is 21,807 sales per week.
– Average asking price of properties sold subject to contract (STC) this week: The average asking price of properties sold last week was £352,318. The running weekly average for 2023 is £357,338.
– Sale fall-throughs: There was a significant decrease in sale fall-throughs last week, with a rate of 26.55%. This rate represents the number of sales that fell through as a percentage of gross sales for the week. The running weekly average for 2023 is 25.58%. It’s worth noting that in Q4 2022, the average was over 38%. The long-term average is 24.3%.
– Net sales this week: Net sales increased by 4.72% compared to the previous week, reaching 15,817. The running weekly average since July is 14,772 per week.
– Net sales year-to-date: Despite the challenging economic conditions, the year-to-date net sales reached 638,000.
This is 10% below the average for 2017-2019, indicating the market’s resilience in the face of adversity.