The UK Property Market Weekly Report for the week ending Sunday, 21st January 2024, presents a vibrant picture of the market's current state:
· Listings increased by 17% compared to last week.
· Gross sales saw a 20% surge.
· Net sales experienced a significant 28% rise.
· Sale fall-throughs reduced by 17% from the previous week.
🔗 YouTube Link https://youtu.be/kZdGhefjLmU
In-Depth Analysis (Week 3):
* New Properties to Market: We observed 33,284 new listings, a noticeable increase from the 8-year average of 31,017 for Week 3. This year's listings stand at 82,316, surpassing the historical average of 73,841.
* Average Listing Price: A key figure of £421,102, highlighting the market's robust pricing dynamics.
* Listing vs Sale Agreed Prices: The difference stands at 22.2%. Ideally, a figure in the mid-teens is preferred, indicating a potential area for closer attention.
* Price Reductions: Last week, 17,164 properties saw price reductions, a significant number compared to the 8-year average of 13,107. This suggests an ongoing trend of adjusting prices for about 1 in 8 properties each month.
* Average Asking Price for Reduced Properties: At £394,933, this provides insights into market trends and property valuation adjustments.
* Gross Sales: Impressively, 21,678 properties were sold, marking a 19.7% increase from the previous week and outperforming the eight-year average. This includes the exceptional market conditions of 2021 and 2022.
* Accumulative Gross Sales YTD: The total stands at 50,806, exceeding the average of 47,996 from 2017/18/19/20.
* Average Asking Price of Sold STC Properties: Holding steady at £344,661, mirroring the latter half of 2023.
* Sale Fall Throughs: Counted at 5,002, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs.
* Sale Fall Through Rate: Currently at 23.07%, representing a 17.3% decrease from last week. However, it's noteworthy that this rate is still slightly higher than pre-pandemic levels.
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Local Focus Segment:
Bryan and I spent the last 20 minutes of our show dissecting the Crewe property market, identifying key performers and trends among Estate and Letting Agents in the area.
Final Observations:
As we step into 2024, the property market shows promising signs of strength and resilience. It's crucial, however, to approach each week with a strategic mindset. Our goal remains clear: Engage in proactive prospecting, ensure accurate and appealing property listings, and focus on closing sales efficiently.
This week's report underlines the importance of adaptability and keen market observation in the ever-evolving landscape of the UK property market.
It's a reminder for all estate agents to stay informed, be responsive to market changes, and always aim for excellence in service.
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