This week’s UK property market show, which reflects on the week ending Sunday 28th January 2024, presents a continued vibrant picture of the UK property market’s current state of play.
Highlights:
+ Listings for the fourth week in January was at an eight-year high.
+ Gross sales up 9.4% on week before.
+ Net sales up 13% on week before.
+ Sale fall-throughs at record lows last seen 22 months ago.
In-depth analysis (Week 4) discussed in the Show by Chris Watkin and this week’s special guest, Iain White.
New Properties to Market: The UK observed 34,709 new listings (the eight-year average for Week 4 is 32,150). This year’s YTD listings stand at 116,845, surpassing the historical YTD average of 105,990.
Average Listing Price: A key figure of £427,971.
Listing vs Sale Agreed Prices: The difference stands at 23.7%. The ideal figure is in the mid-teens. This does concern me as this is overvaluing by Estate Agents
Price Reductions: Last week, 17,726 properties saw price reductions, a significant number compared to the 8-year average of 12.327. This means one in eight properties each month. Is that enough?
Average asking price for reduced properties: At £346,046, this shows me the lower to mid price properties are being reduced.
Gross Sales: Impressively, 23,721 properties were sold stc (9.4% increase from the previous week). Average for 17/18/19/20 is 22,802 for Week four
Accumulative Gross Sales YTD: The total stands at 74,527, exceeding the average of 70,728 from 17/18/19/20.
Average Asking Price of Sold STC Properties: Holding steady at £344,046, mirroring the latter half of 2023.
Sale Fall Throughs: Counted at 4,820, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs.
Sale Fall Through Rate: Currently at 20.32%, levels not seen since April 2022. As you can see from the graph, this is a downward trend that started Spring 2023
Net Sales at 18,901 for the week, above the 17/18/1920 average of 18,695 for Week 4
Accumulative Net Sales YTD: The total stands at 55,459, exceeding the average of 54,251 from 17/18/19.
Local Focus Segment – Richmond-upon-Thames
Iain White and I spent the last 20 minutes of our show dissecting the Richmond-upon-Thames property market, identifying key performers and trends among Estate and Letting Agents in the area.
Final Thoughts from Watkin:
As we step into 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. Your goal remains 100% clear: Engage in proactive prospecting, ensure accurate and appealing property listings with realistic asking prices, and focus on closing sales efficiently and then getting it through to exchange.
