Amidst the ongoing economic uncertainties, the UK Property Market continues to shine with a steadfast resilience, proving the sceptics wrong.
Christopher ‘Property Stato’ Watkin and this week’s special guest, Richard Durrant, delve into the fascinating world of the British property market in the latest weekly episode of ‘The UK Property Market Stats Show’ on YouTube.
In the spotlight this week in the last 15 minutes of the show, the town focus is on St. Helens in the North West, showcasing the UK property market’s enduring strength at the local level.
Let’s take a closer look at the key statistics that paint a picture of the past week’s (Week 32) UK Property Market (Monday, August 7th to Sunday, August 13th, 2023):
New Properties to the Market (Listings): An impressive 31,024 listings made their debut last week. The 2023 running weekly average stands strong at 32,845.
Average Listing Price: The average listing price stood at £408,792, lower than 2023 running weekly average of £431,870.
Price Reductions: A total of 20,971 price reductions were seen last week. This means 13.73% of UK Property Listings are being reduced per month. The 2023 running weekly average stays consistent at 19,532.
Average Asking Price of Properties Being Reduced: This week’s average asking price of £379,561 with the 2023 running weekly average of £405,766.
Number of Properties Sold (Gross Sales): A remarkable 20,614 properties sold subject to contract. Considering its the Summer holidays, this isn’t that bad and aligns with the 2023 running weekly average of 22,170 sales (sic)per week.
Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £351,324. This figure hasn’t changed that much over the last 8 months (the 2023 running weekly average of £358,928)
Sale Fall Throughs: 28.41% sale fall thru rate (Sale fall Thrus expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 24.9% (although don’t forget in Q4 2022 the average was North of 38%)
Net Sales This Week: A robust 14,758 net sales were achieved. Considering we are in August and the holiday period, this falls in line with the 2023 running weekly average of 16,792.
Year-to-Date Net Sales: Despite the challenges, the year-to-date net sales of 537k showcase that despite the bad news, the market is only 8.5% behind the 2017/8/9 average.
