Amidst the ongoing economic challenges, the UK Property Market continued to shine last week with a steadfast resilience, continuing to prove the sceptics wrong.
This week’s special guest is Verona Frankish, the boss of the 8th largest UK estate agency brand, Yopa.
The key statistics that paint a picture of the past week’s (Week 33) UK property market (Monday, August 14th to Sunday, August 20th, 2023) is published below.
New properties to the market (listings): An impressive 31,657 listings made their debut last week. The 2023 running weekly average stands strong at 32,831. ·
Average Listing Price: The average listing price stood at £394,937, lower than 2023 running weekly average of £431,751. The average listing price has dropped 13.6% since May 2023 ·
Price Reductions: A total of 20,540 price reductions were seen last week. This means 1 in 7.28 of UK Properties are being reduced per month. The 2023 running weekly average stays consistent at 19,622. ·
Average Asking Price of Properties Being Reduced: This week’s average asking price of £376,102 with the 2023 running weekly average of £401,714. ·
Number of Properties Sold (Gross Sales): A remarkable 20,382 properties sold subject to contract. Considering its the Summer holidays, this isn’t that bad and aligns with the 2023 running weekly average of 22,115 sales (stc)per week. ·
Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £351,593. This figure hasn’t changed that much over the last 8 months (the 2023 running weekly average of £358,706). The average asking price of the properties going to sale agreed has dropped 5.9% since May 2023 ·
Sale Fall Throughs: 29.01% sale fall thru rate (Sale fall Throughs expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 25.05% (although don’t forget in Q4 2022 the average was North of 38%) ·
Net Sales This Week: A robust 14,469 net sales were achieved. Considering we are in August and the holiday period, this falls in line with the 2023 running weekly average of 16,721. ·
Net Sales Year-to-Date: Despite the challenges, the year-to-date net sales of 552k showcase despite the bad news, the market is only 8.8% behind the 2017/8/9 average YD for net sales Amidst the noise and doubts, the British property market proves its mettle, revealing its steadfastness even in the face of adversity. The local focus in the last 15 minutes of the show is on Bournemouth
