UK Property Market Stats Show - Week 44 2023 (with James Forrester)
UK Property Market Weekly Report - Week ending Sunday, 5th November 2023
Listings YTD 2023 are 99.4% of the 2017/8/9 YTD average (last week 99.4%)
Gross Sales YTD 2023 are 94.1% of the 2017/8/9 YTD average (last week 94.0%)
Net Sales YTD 2023 are 89.8% of the 2017/8/9 YTD average (last week 89.7%)
In the weekly YouTube Show this week on the UK Property Market, special guest James Forrester and myself talk about the current state of play in the UK Property Market for the week ending Sunday, 5th November 2023 (Week 44)
The YouTube Show can be seen here … https://youtu.be/cwG2wz9keGM
Looking at key statistics in more detail.
· New Properties to the Market (Listings): The number of listings last week was 27,500 (Average for the last 4 weeks 29,050). The 2023 YTD running weekly average stands strong at 32,347.
· Average Listing Price: The average listing price has been reducing in the last few weeks. Average Listing price this week £415,891. The 2023 running weekly average of £432,116.
· % Difference between Listing and Sale Agreed Prices: This week has dropped to 17% which means it continues to be below the important 20% barrier which is better for the property market. 2023 YTD average 21% and long term 7 year average 17%.
· Price Reductions: 21,295 price reductions were seen last week which about the same as last week. The 2023 running weekly average is 20,383 per week. This means approximately 14.2% 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 £395,960 (similar to last week). The 2023 running weekly average of £403,286.
· Number of Properties Sold (Gross Sales): Gross sales are similar to last week. Total number of gross sales in the UK last week was 20,608. For comparison, the 2023 running weekly average is 21,689 weekly sales (stc).
· Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £356,510, which has remained quite static over the last few months. The 2023 running weekly average of £357,108.
Sale Fall Throughs (Units): there are 5,334 sale for Throughs, which is similar to last week’s before at 5,389. The running four-week average for Sale Fall Thrus is 5,494 and the YTD figure average of 5,454.
· Sale Fall Throughs (Percentage): The Sale fall Thru Rate % is the number of sales fall Thrus for the week expressed as a percentage of Gross Sales for the week). This week it is at 25.88%. This is a continuation of drop that started in early August 2023 when it was in the early 30%’s. The 2023 running weekly average is 25.70%. Let us not forget, in the same week of 2022 (Week 44), it was 38.69%). The seven-year long-term average is 24.3%.
· Net Sales This Week: Net Sales increased to 15,247, excellent when compared to the running month average to 15,352. YTD running weekly average is 16,234. For comparison, there were 11,539 in net sales for the same week last year. (Week 44 in 2022)
· Net Sales Year-to-Date: Despite the challenges, the year-to-date net sales of 699k showcase despite the challenging economic news, the market is 10.3% behind the 2017/8/9 average YTD for net sales
· Sale Agreed £/sqft : Sales Agreed (ie went to Sold stc) in October 2023 achieved £330.32 /SqFt compared to Sale Agreed price of £330.54 /SqFt in September 23. Interesting when you compare, October 2022 when it's £335.55 / SqFt .
· Exchanged £/sqft : Exchanged in October 2023 achieved £332.56 /SqFt compared to Exchanged price of £331.95 /SqFt in September 23. Interesting when you compare, October 2022 when it's £340.98 / SqFt .
In the last 20 minutes of the show, there is the usual local focus, and this week it is on Islington (N1)
The charts and graphs in the Show can be downloaded here https://we.tl/t-3bFvpXVHOI
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