UK Property Market Stats Show - Week 42 2023 (with Richard Durrant) - Ep. 1713

UK Property Market Stats Show - Week 42 2023 (with Richard Durrant) UK Property Market Weekly Report - Week ending Sunday, 22nd October 2023 Listings YTD 2023 are 99.5% of the 2017/8/9 YTD average (last week 99.6%) Gross Sales YTD 2023 are 94.0% of the 2017/8/9 YTD average (last week 94.1%) Net Sales YTD 2023 are 89.7% of the 2017/8/9 YTD average (last week 89.8%) In the weekly YouTube Show this week on the UK Property Market, special guest Richard Durrant and myself talk about the current state of play in the UK Property Market for the week ending Sunday, 22nd October 2023. The YouTube Show can be seen here … https://youtu.be/7UJWWyVmaFY Looking at key statistics in more detail. · New Properties to the Market (Listings): The number of listings last week was 30,684 (almost identical to last week). The 2023 YTD running weekly average stands strong at 32,580. · Average Listing Price: The average listing price is continuing showing sings of returning to the sums seen in the Summer. Average Listing price this week £421,944. The 2023 running weekly average of £432,941. % Difference between Listing and Sale Agreed prices at 19% this week which means it's below the 20% barrier which is better for the property market. 2023 YTD average 21% and long term 7 year average 17%. · Price Reductions: 23,384 price reductions were seen last week. The 2023 running weekly average is 20,346 per week. This means approximately 14.7% 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 £397,423. The 2023 running weekly average of £403,568. · Number of Properties Sold (Gross Sales): Gross sales increased from last week's decent Gross sales figures. Total number of gross sales in the UK last week was 21,247. For comparison, the 2023 running weekly average is 21,736 weekly sales (stc). · Average Asking Price of Properties Sold STC this Week: The average asking price of the properties selling last week was £356,000, which has remained quite static over the last few months. The 2023 running weekly average of £357,316. · Sale Fall Throughs: 26.83% sale fall thru rate (Sale fall Thru Rate % is the number of sales fall Thrus for the week expressed as a percentage of Gross Sales for the week) remains nearer the mid 20%’s as opposed to the early 30%’s. The 2023 running weekly average is 25.68% (although, don't forget, in the same week of 2022, it was 40.8%). The seven-year long-term average is 24.3%. · Net Sales This Week: Net Sales increased to 15,547, excellent when compared to the running month average to 15,349. YTD running weekly average is 16,278 · Net Sales Year-to-Date: Despite the challenges, the year-to-date net sales of 683k showcase despite the challenging economic news, the market is 10.7% behind the 2017/8/9 average YTD for net sales · Estate Agents Sales Pipelines : Despite the challenges, 412k properties are currently sold stc That is 11.1% higher for September than the Sept averages of 2017/18/19 In the last 20 minutes of the show, there is the usual local focus, and this week it is on Chelsea The charts and graphs in the Show can be downloaded here https://we.tl/t-ZVcPLsyVdR