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In this week’s show, special guest Kristian Stott and I talk about the current state of play in the UK Property Market for the week ending Sunday 8th October 2023.
Looking at the data as we enter the final quarter of the year – here’s a brief summary:
Listings YTD 2023 are 99.7% of the 2017/8/9 YTD average
Gross Sales YTD 2023 are 94.3% of the 2017/8/9 YTD average
Net Sales YTD 2023 are 89.9% of the 2017/8/9 YTD average
Looking at key statistics in more detail.
· New Properties to the Market (Listings): The number of listings last week was 32,051. The 2023 YTD running weekly average stands strong at 32,677.
· Average Listing Price: The average listing price is now showing sings of returning to the sums seen in the Summer. Average Listing price this week £436,741. The 2023 running weekly average of £432,926. % Difference between Listing and Sale Agreed prices at 23% this week. 2023 YTD average 21% and Long term 7 year average 17%.
· Price Reductions: 24,358 price reductions were seen last week. The 2023 running weekly average is 20,188 per week. This means approximately 14.8% of Resi Stock is being reduced per month (ie just under 1 in 7)
· Average Asking Price of Properties Being Reduced: This week’s average asking price of reduced properties £412,860. The 2023 running weekly average of £403,537.
· Number of Properties Sold (Gross Sales): Gross sales increased from last week’s Gross sales figures. Total number of gross sales in the UK last week was 20,616. For comparison, the 2023 running weekly average is 21,777 weekly sales (stc).
· Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £356,252 . The 2023 running weekly average of £357,310. Interestingly, for the whole of 2023, the actual weekly average asking price figure has only been 3% more or 3% less than running average.
· Sale Fall Throughs: 28.07% sale fall thru rate (Sale fall Thru Rate % is the number of sales fall Thrus for the week expressed as a percentage of Gross Sales for the week). The 2023 running weekly average is 25.64% (although, don’t forget, in Q4 2022, the average was North of 38%). The seven-year long-term average is 24.3%.
· Net Sales This Week: Net Sales returned to the Q3 average to 14,829. The running weekly average since July is 14,729 per week.
· Net Sales Year-to-Date: Despite the challenges, the year-to-date net sales of 652k showcase despite the challenging economic news, the market is 10.1% behind the 2017/8/9 average YTD for net sales
In the last 20 minutes of the show, there is the usual local focus, and this week it is on Fulham.
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