UK Property Market Stats Show - Week 5 2024 - Ep.1784

House Prices & Number of House Sales at UK Record Levels. This week’s UK Property Market Weekly Report on YouTube for the week ending Sunday, 4th February 2024, presents a continued robust picture of the UK Property Market. · House Prices on Sale Agreed homes rise in Jan ’24 to £331.35 / sq.ft - a rise of 1.39% from Q4 ’24 levels (£326.80/sqft) · House Prices on Exchange of Contracts homes rise in Jan ’24 to £336.83 / sq.ft - a rise of 2.26% from Q4 ’24 levels (£329.37/sqft) · £/sqft at Sale Agreed predicts Land Registry House Price Stats with a 91% correlation rate, 5 months before the Land Registry House Price Stats are published - hence this is an important stat. · Listings for Week 5 of 2024 hit a 8-year record high. · Gross sales up 5.2% on week before (& 36% higher than the Jan ’24 weekly average) · Net sales up 4.8% on week before (& 43% higher than the Jan ’24 weekly average) · Sale fall-throughs continue to be at record lows. 🔗 YouTube Link to The Show https://youtu.be/EXzRMcDfzys In-Depth Analysis (Week 5) : * New Properties to Market: The UK observed 34,947 new listings (the 8-year average for Week 5 is 32,615). This year's YTD listings stand at 151,792, surpassing the historical 8 year YTD average of 138,606. * Average Listing Price: A key figure of £418,395 . * Listing vs Sale Agreed Prices: The difference stands at 20.1%. The ideal figure is in the mid-teens. * Price Reductions: Last week, 18,231 properties saw price reductions, a significant number compared to the 8-year average of 13,156. This means 1 in 8 properties each month. Is that enough? * Average Asking Price for Reduced Properties: At £348,347, this shows me the lower to mid price properties are being reduced. * Gross Sales: Impressively, 24,945 properties were sold stc. Average for 17/18/19/20 is 21,959 for Week 4 * Accumulative Gross Sales YTD: The total stands at 99,472, exceeding the average of 92,757 from 17/18/19/20. * Average Asking Price of Sold STC Properties: Holding steady at £348,347, mirroring the latter half of 2023. * Sale Fall Throughs: Counted at 5,131, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs. * Sale Fall Through Rate: Currently at 20.57%, levels not seen since the Spring of 2022. As you can see from the graph, this is a downward trend that started Spring 2023 * Net Sales at 19,814 for the week, above the 17/18/1920 average of 17,998 for Week 5 * Accumulative Net Sales YTD: The total stands at 75,273, exceeding the average of 73,036 from 17/18/19. Local Focus Segment - Worcester Iain Mckenzie and I spent the last 20 minutes of our show dissecting the Worcester property market, identifying key performers and trends among Estate and Letting Agents in the area. Final Thoughts: As we step into the second month 2024, the property market continues to show promising signs of strength and resilience. Yet it's vital, however, to approach each week with a strategic mindset. Estate Agents - Your goal remains 100% clear: Engage in proactive prospecting for new properties to sell, ensure accurate valuations (dont forget only 52.8% of homes you try to sell in 2023 exchanged and completed), and focus great sales progression to get the sale through to exchange.