UK Property Market Stats Show - Week 41 2024 - Ep.1995

Letting & Estate Agent Podcast

In this week’s ‘UK Property Market Stats Show’ on YouTube for week ending Sunday, 13th October 2024, Chris ‘Stato’ Watkin with this week’s special guest, Kristian Stott, discuss the property market headlines for Week 41 of 2024. The main headlines: · Listings (New properties coming on to the market) - 34.3k UK listings this week (week 41), same as the week before. 7.6% higher 2024 YTD than 2017/18/19 YTD average. 12.1% higher than Week 41 of 2023. · Total Gross Sales - 26k UK homes sold stc this week (Week 41), · Net Sales - 19.4k this week (19.4k last week). · % of Homes exchanging vs homes unsold - Of the 1,193,637 UK homes that left UK Estate Agents books since the 1st Jan 2024, 638,035 of them (53.4%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 509,242 (46.64%) were withdrawn off the market, unsold. In essence you a flip of the coin chance of actually selling, homeowners moving and the estate agent getting paid. · UK House Prices - Final September figures suggest a slight jump in this important metric to £340/sq.ft. For comparison - August’s Figures for the Sale Agreed £/sq.ft was at £338/sq.ft, and July at £341/sq.ft. This means house prices are stable. · Sale fall-throughs - Agents lost 5.5% of their sales pipeline in September. For the week,Sale Fall Thrus (as a % of Gross sales Agreed) remained stable at 25.3% this week. The 7 year Long Term weekly Average is 24.2% and it was 40%+ in the two months following the Truss Budget in the Autumn of 2022. 🔗 YouTube Link to The Show - https://youtu.be/RroNQn7-mQo Chris’s In-Depth Analysis (Week 41) : * New Properties to Market: The UK saw 34,333 new listings. This year's YTD listings stand at 1,447,394; 7.6% higher than YTD 2017/18/19 and 8.1% higher YTD 2023. * Average Listing Price: £423,808 (2024 weekly average - £440,840) * Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 14%. A Good low figure considering weekly 2024 average 22.2%) * Weeks Price Reductions: This week, 23,935 properties saw price reductions. * % of Resi Sales Stock being reduced: 14% of Resi sales stock was reduced in September (long term average 10.6%) * Average Asking Price for Reduced Properties this week: £400,951. (2024 weekly average - £400,456) * Gross Sales: 25,966 properties were sold stc last week. 2024 weekly average : 24,865 Gross Sales) * Accumulative Gross Sales YTD: The total YTD stands at 1,019,545, exceeding the average YTD Gross sales figure of 945,592 from 2017/18/19 and 891,672 in the same week 41 in 2023. * Sale Thru rate: (NEW MONTHLY STAT) : UK Estate Agents sold 14.79% of their Resi sales stock in Sept ’24. 2024 average is 15.83% & the 7 year long term average is 17.9% per month - yet don’t forget that was only in mid/late 20%’s in the crazy years of 20/21/22). * Average Asking Price of Sold STC Properties: Still staying in the £350/370k’s range (like has been for 2 years) at £371,199. * Sale Fall Throughs: Fall thrus this week dropped to 6,525. YTD weekly average is 5,797. * Sale Fall Through % Rate: 25.1% for week 41. (Comparison - 25.6% for the last 3 months, whilst the long term 8 years average is 24.2% & it was 40%+ in Q4 2022 in the Truss budget!) * Sale FALL Throughs in September - 5.5% of the total Sales Pipeline fell thru in September. (8 year average 5.32%). * Net Sales (Gross sales this week less fall thrus this week) - 19,441 net sales. Last 8 week average - 18,936) * Accumulative Net Sales YTD: The total stands at 781,849, 5.5% higher than the 17/18/19 YTD Net sales average (741,279) and 17% higher than the YTD figure for 2023 for Net Sales (668,114) Local Focus this week was Torbay Graphs available to Download here - https://we.tl/t-5AAyxDrCuq