The main takeaways from this week’s UK Property Market Stats Show (watch below):
House sales remained strong despite economic headwinds with the number of properties that had a sale agreed on them (ie went from available to Sold stc) was 5.9% ahead of the 2023 weekly sale agreed average.
Yet, sale fall-through rates have began to creep upwards in the last few weeks. The sale fall-through rate of 27.66% is the second week its over the 25% barrier. Whilst we aren’t at the levels seen in Q4 2022, when it was an average of 38.7% per week, everyone needs to keep an eye on this trend
Chris Watkins’ special guest this week on the ‘UK Property Market Stats Show’ is Bryan Mansell.
The statistics of the UK Property Market for the week (Monday 19th June to Sunday 25th June 2023 inclusive):
+ New properties to the market (Listings): 36,114 for the week. The 2023 running weekly average is 32,788.
+ Average Listing price: £449,739. The 2023 running weekly average is £433,986.
+ Price reductions: 23,573. The 2023 running weekly average is 18,589.
+ Average asking price of properties being reduced: £435,232. The 2023 running weekly average is £405,463.
+ Number of properties Sold (Gross Sales): 23,668. The 2023 running weekly average is 22,345.
+ Average asking price of those properties that Sold STC this week: £371,014. The 2023 running weekly average is £359,321.
+ Sale fall throughs: 6,546. The 2023 running weekly average is 5,139.
+ Sale fall through rate (Very Important Stat). The number sales fall throughs expressed as a percentage of this week’s gross sales: 27.66% The 2023 running weekly average is 23.8%. (ie this week .. the number of sale fall thrus was 6,546 and the number sale agreed was 23,668. So, 6,546 expressed as a percentage of 23,688 is 27.66%)
In the last 15 minutes of the show, we focus on the Colchester property market
