What is happening in the UK property market this week?

In this week’s UK Property Market stats show, Chris Watkin and his special guest Verona Frankish of YOPA, talk about the state of play in the housing market for the week ending Sunday, 29th October 2023.

Brief headlines:

• UK House Prices measured on £/sqft are 0.48% higher at Sale Agreed (Sold stc) than last month at £330.54/SqFt, yet 1.04% lower than year ago
• Listings YTD 2023 are 99.4% of the 2017/8/9 YTD average (last week 99.5%)
• Gross Sales YTD 2023 are 94.0% of the 2017/8/9 YTD average (last week 94.0%)
• Net Sales YTD 2023 are 89.7% of the 2017/8/9 YTD average (last week 89.7%)

Looking at key statistics in more detail:

• New Properties to the Market (Listings): The number of listings last week was 27,389 (30,684). The 2023 YTD running weekly average stands strong at 32,460.

• Average Listing Price: The average listing price has now returned to the levels seen in the Summer. Average Listing price this week £413,704. The 2023 running weekly average of £432,493.
• % Difference between Listing and Sale Agreed Prices: This week it remains at 19% this week which means it’s 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: 21,029 price reductions were seen last week which is 10% lower than last week. The 2023 running weekly average is 20,362 per week. This means approximately 14.3% 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 £399,021. The 2023 running weekly average of £403,460.
• Number of Properties Sold (Gross Sales): Gross sales were 2% down from last week. Total number of gross sales in the UK last week was 20,771. For comparison, the 2023 running weekly average is 21,714 weekly sales (stc).

• Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £348,997, which has remained quite static over the last few months. The 2023 running weekly average of £357,122.
• Sale Fall Throughs (Units): there are 5,389 sale for Throughs, which is a 5% reduction from the week’s before at 5,700. The running four-week average for Sale Fall Thrus is 5494 and the YTD figure average of 5,457

• 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 25.94%. 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 25.69%. Let us not forget, in the same week of 2022 (Week 43), it was 38.9%). The seven-year long-term average is 24.3%.

• Net Sales This Week: Net Sales increased to 15,387, excellent when compared to the running month average to 15,349. YTD running weekly average is 16,257.

• 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 September 2023 achieved £330.54 /SqFt compared to Sale Agreed price of £328.93/SqFt in August 23. Interesting when you compare, September 22 when it’s £330.98 / SqFt (1.04% lower)

In the last 20 minutes of the show, there is the usual local focus, and this week it is on Weston-super-Mare.