Amidst all the noise of doom mongers and soothsayers spreading their ‘Project Fear’ about the UK Property Market, there’s an interesting phenomenon occurring – an eerie silence from those who matter the most: the British homebuyers and sellers.
Let’s dive into the key statistics of the UK Property Market for the week spanning from Monday 17th July to Sunday 23rd July 2023. Brace yourself for some fascinating insights!
First and foremost, the market witnessed a healthy influx of new properties with an impressive total of 33,096 listings for the week. This not only signifies a vibrant market but also shows that confidence in the property sector remains steadfast. And let’s not forget, this figure comfortably surpasses the 2023 running weekly average of 32,967 listings.
But what about the asking prices, you may wonder? Well, the average listing price for properties on the market during this week stands at £421,579. A noteworthy number, indeed. While it is slightly lower than the 2023 running weekly average of £433,862, it still exhibits the resilience of the market in the face of fluctuating trends.
Now, let’s talk about a crucial aspect that can significantly influence the property landscape – price reductions. This week saw 23,926 properties having their prices reduced. While it might sound like a substantial number, it’s essential to put it into perspective. The 2023 running weekly average of price reductions is 19,292, indicating that the market is dynamically adjusting itself to cater to both buyers and sellers.
Curious about the average asking price of properties undergoing price reductions? Well, it currently stands at £405,596. Though this is marginally below the 2023 running weekly average of £407,550, it’s essential to remember that these figures provide valuable insights into the market’s behavior and trends.
Now, let’s shift our focus to the properties that successfully found new owners – the sold properties (Gross Sales). The number for this week amounts to 21,706, a commendable feat in itself. Though slightly lower than the 2023 running weekly average of 22,282, it showcases a healthy level of transactions taking place amidst the market’s dynamics.
Delving deeper into the sold properties, the average asking price of those properties that were sold subject to contract (STC) this week was £355,430. A significant figure, indeed. While it’s slightly below the 2023 running weekly average of £359,615, it exemplifies that there are lucrative opportunities available for both buyers and sellers in the current property landscape.
One critical metric that shouldn’t be overlooked is the Sale Fall Thru Rate. This metric gauges the number of sales fall-throughs expressed as a percentage of this week’s gross sales. This week’s Sale Fall Thru Rate stands at 29.81%, which indicates that out of the 21,706 sales agreed this week, 6,471 unfortunately fell through. While this number may seem concerning, it’s essential to consider the context. The 2023 running weekly average for the Sale Fall Thru Rate is 24.57%, which means that, on average, the market has been showing greater resilience in managing fall-throughs.
Furthermore, we can’t ignore the intriguing data on net sales for this week. Net Sales represent the fall-throughs from the pipeline expressed as a percentage of the gross sales for the week. For this week, the figure stands at 15,235, showcasing that even amidst the challenging landscape of fall-throughs, a considerable number of properties successfully found new owners. The 2023 running weekly average for Net Sales is 16,966, adding to the evidence of the market’s ability to navigate through obstacles and maintain a steady pace.
As we reflect on the year to date Net Sales figures, it’s evident that 2023 is witnessing a unique market journey compared to the past few years. The year-to-date Net Sales currently stands at 492,008, which, when compared to the corresponding periods of the last few years (604k in 2022, 701k in 2021, 411k in 2020, 540k in 2019, 543k in 2018, and 511k in 2017), gives us a comprehensive view of the evolving property landscape.
In conclusion, the UK Property Market is undoubtedly an exciting and dynamic realm to explore. While some might predict doom and gloom, the numbers speak for themselves – there’s a fascinating mix of opportunities and challenges for both buyers and sellers. So, let’s keep a keen eye on these trends as the market continues to chart its course amidst changing times.