In this week’s UK Property Market Stats Show with Alice Bullard from Nested, the headlines are as follows ..
+ House Prices on the 21k Sale Agreed homes in April stands at £346/sq.ft (March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft)
+ Listings for last week (Week 14) dropped 20.3% from last week’s figure (because of Easter)
+ Total Gross Sales YTD are 9% higher than 2023 YTD levels and 6.9% higher than 2017/18/19 levels.
+ Net Sales last week 3.3% higher than Week 14 2023, yet 9.1% below the 2024 weekly average (again because of Easter week – see the graphs of other years)
+ Sale fall-throughs still at just over 1 in 5 sales.
Chris’s In-Depth Analysis (Week 14) :
+ New Properties to Market: The UK saw 30,312 new listings. This year’s YTD listings stand at 476,586, 8.9% higher than the historical 8 year YTD average of 437,389 and 8.6% higher YTD 2023.
+ Average Listing Price: £449,059.
+ Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: Still at 23%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK and a lower propensity of London & SE properties causing this.
+ Price Reductions: Last week, 17,390 properties saw price reductions, a significant number compared to the 8-year Week 14 average of 12,382. This means 1 in 8.53 properties each month are being reduced (Long term average 1 in 9.9 per month)
+ Average Asking Price for Reduced Properties: £394,354.
+ Gross Sales: 21,235 properties were sold stc last week (a 11.2% decrease from last week’s Gross Sales figures). Yet we had the Easter weekend – and if you look at the graphs, this is expected.
+ Accumulative Gross Sales YTD: The total stands at 323,617, exceeding the average of 302,718 from 17/18/19 and 297,030 in the same week 14 in 2023.
+ Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £364,719 .
+ Sale Fall Throughs: Big decrease continues this week to 4,737, well below the 2023 whole of year average of 5,382 weekly fall-throughs and 7,590 weekly sale fall thrus in two months after there Truss’onomics Budget in Q4 2022.
+ Sale Fall Through Rate: Decreased from last week, to 20.27% for the week (8 years average is 24.8%)
+ Net Sales drop from last weeks figure to 16,498.
+ Accumulative Net Sales YTD: The total stands at 254,041, 4.3% higher the 17/18/19 YTD Net sales average and 11.5% higher than the YTD figure for 2023 for Net Sales (2023 : 227,832).
+ Number of UK properties for sale at the end of March 2024 was 654,913, 11.8% higher than end of March 2023.
+ Number of UK properties in Estate Agents Sale Agreed (SSTC) Pipelines at the end of Q1 2024 was 410,841, 10.4% higher than end of March 2023 (interestingly 27.9% higher than the end of Q1 average for 2017/18/19/20.
This week’s local focus is on Folkestone
