UK Property Market Stats Show - Week 2 Of 2024 (with Ben Madden) - Ep. 1769

The UK Property Market Weekly Report for the week ending Sunday, 14th January 2024, paints a robust picture of the UK Property Market.   ·   16% more listings YTD compared to 2023 ·   13% more Gross sales YTD compared to 2023 ·   29% more Net sales YTD in 2024 compared to 2023 ·   £/sqft on Listing £365.29 in Dec ’23 , up from Nov ’23. Sale Agreed down 2% to £321 YouTube Link for the Show https://youtu.be/XE2zli8D2vk Key statistics in more detail.   · New Properties to the Market (Listings): New listings last week were 28,432 (Average for week 2 in the previous eight years 26,436). YTD, we are on 48,852 listings, slightly higher than the 8-year average of 42,824 · Average Listing Price: The average listing price this week was £419,103.   · % Difference between Listing and Sale Agreed Prices: This week, it's 25.2%.   · Price Reductions: 16,876 price reductions were seen last week (decent number). The Week 2 average in the previous eight years has been 12,752. The 2023 running weekly average was 19,806 per week   · Average Asking Price of Properties Being Reduced: This week's average asking price of reduced properties was £381,323.   · Number of Properties Sold (Gross Sales): Gross sales have done well. Total number of gross sales in the UK last week was 18,115. For comparison, the eight-year average for this week is 18,875, and that includes the crazy years of 2021 and 2022, which would've dragged up the actual average.   · Accumulative Gross Sales YTD: Year to date, there has been a total of 29,128 properties sold subject to contract, which is of interest when you compare that to 2017, when it was 27,800, in 2018, 26,300 and 2019, 26,320.   · Average Asking Price of Properties Sold STC this Week: The average asking price of properties sold last week was £334,860, very similar to the level seen in the last half of 2023.   Sale Fall Throughs (Units): There were 5,057 Sale Fall Throughs. The 2023 figure was an average of 5,382.   · Sale Fall Thru (%): The Sale Fall Thru Rate % is the number of 'sales fall thru' for the week expressed as a percentage of Gross Sales for the week. This week, it was at 27.92%.   · Net Sales YTD: Net Sales YTD is 19,882. We are 103.8% of 2017/18/19 YTD Net Sales.   · Net Sales This Week (Standalone): Net Sales this week (Wk 2) 13,058. The eight-year average for this time of year (week 2) is 13,872, which includes the bumper years of 2021 and 2022. The average normal years (2017, 2018 and 2019 was 12,684)   · Number of Properties for Sale in the UK: On the 31st December 2023, there were 560,515 properties for sale, a significant drop from November 2023, which was 633,951. However, this is expected between November and December every year. The 31st December 2022 level was 481,403. The average stock level for the last eight years, on 31st December, been 506k · Estate Agents Sales Pipelines: as we started the 1st January ’24, there were 359,079 properties in estate agents sales pipelines, which is 9.9% lower than November (as expected). Interestingly, the average number of properties in estate agents' pipelines on 31/12 between 2017 and 2019 inclusive was 305k properties (so there are roughly 20% properties in agents pipelines than the pre-lockdown years of 17/18/19   Local Focus - Ben & myself spent the last 20 minutes of the show looking at the Cambridge property market to ascertain who is the best Estate and Letting Agent in the city. All the graphics can be downloaded here. https://we.tl/t-9pmSpu1hZb   Watkin’s final thoughts …  So, we are only 2 weeks into a New Year and things are looking pretty good. However, let’s not get ahead of ourselves and take each week as it comes. Prospect like hell, list well and get them sold