The UK Property sector continues to show remarkable strength, contrasting sharply with other areas of economic uncertainty, the latest figures suggest.
This resilience has not only surprised sceptics but also reemphasised the market’s role as a reliable investment avenue even in turbulent times. Whether this enduring vitality is a sign of things to come or the calm before the storm remains to be seen, but for now, the UK property market is holding its ground impressively.
This week’s special guest on The UK Property Market Stats Show is Iain White, ex-director of Romans and now coach and mentor to estate agents across the UK.
These are the key statistics and scores on the doors that paint a picture of the past week’s (Week 34) UK Property Market (Monday, August 21st to Sunday, August 27th, 2023):
+ New Properties to the Market (Listings): An impressive 31,258 listings made their debut last week. The 2023 running weekly average stands strong at 32,785.
+ Average Listing Price: The average listing price stood at £405,507, lower than 2023 running weekly average of £430,008.
+ Price Reductions: A total of 19,697 price reductions were seen last week. The 2023 running weekly average stays consistent at 19,624.
+ Average Asking Price of Properties Being Reduced: This week’s average asking price of £380,753 with the 2023 running weekly average of £401,078.
+ Number of Properties Sold (Gross Sales): A remarkable 20,304 properties sold subject to contract. Considering its August and the Summer holidays, this is rather good and aligns with the 2023 running weekly average of 22,062 sales (stc) per week.
+ Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £347,956. This figure hasn’t changed that much over the last 8 months (the 2023 running weekly average of £358,389). The average asking price of the properties going to sale agreed has dropped 6% since May 2023.
+ Sale Fall Throughs: 30.26% sale fall thru rate (Sale fall Thrus expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 25.2% (although don’t forget in Q4 2022 the average was North of 38%).
+ Net Sales This Week: A robust 14,159 net sales were achieved. Considering we are in the holiday period, this falls in line with the 2023 running weekly average of 16,646.
+ 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 scepticism and uncertainties, the UK property market demonstrates its resilience, holding strong even when challenged by difficult circumstances.
This week’s local region focus in the last 20 minutes if the show is on Crawley
