Property Expert gives UK Property Market Weekly Update

Darwen, Property, Paul-Ainsworth Lord, Ainsworth Lord Estates, Property, North-West, Darwen Property Blog, BB3 Property, BB3 Blog

Property Expert gives UK Property Market Weekly Update

 

  • Listings (New properties coming on to the market) – 29.5k UK listings this week (week 45), an unexpected increase of 0.9k listings from last week. YTD 2024, listings are 11% higher compared to 2023 YTD.

 

  • % of Resi Sales Stock being reduced (Monthly): 13% of Resi sales stock was reduced in the last month. 14% last month and long term 5 year average 10.6%.

 

  • Total Gross Sales – 24k UK homes sold stc this week (Week 45), identical to last week.  17.6% higher than the same standalone week (week 46) in 2023. Also, 8.2% higher than 2017/18/19 YTD levels & 14.9% higher than 2023 YTD levels.

 

  • Sale Thru rate (Monthly):UK Estate Agents sold 16.11% of their Resi sales stock in Oct ’24. Sept ‘ 24 was 14.79%. 2024 average is 15.86% & 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).

 

  • Sale fall-throughs–  For the week 45, Sale Fall Thrus (as a % of Gross sales Agreed) increased to 28.7% (up from 26% last week). This slight uplift is probably down to an additional 600 sales fall thru because f the stamp duty changes. 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. Agents lost 5.8% of their sales pipeline in Oct’24 (up from 5.6% in Sept ‘ 24).

 

  • Net Sales– 17k this week (117.8k last week). 13% higher than the same week 45 in 2023, 69% higher than the same week 45 in 2022 & still 17.3% higher YTD in 2024 compared to YTD 2023.

 

  • % of Homes exchanging vs homes unsold– Of the 1,317,167 UK homes that left UK Estate Agents books since the 1st Jan 2024, 705,848 of them (53.59%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 611,319 (46.41%) were withdrawn off the market, unsold.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– As explained in the show, the £/sqft figure foretells and predicts the Land Registry 5 months in advance with an accuracy rating of 92%. Final October figures saw a slight jump in this important metric to £346/sq.ft. For comparison – Sept’s £339/sq.ft, August’s £338/sq.ft, and July at £341/sq.ft. This means house prices are slightly growing.

 

  • Resi Sales Stock on the Market (Monthly Stat) : 725k at end of October (up from 724k at end of Sept). For comparison, Oct ’23 – 664k, Oct ’22 – 523k,  Oct ’21 – 425k, Oct ’20 – 681k, Oct ’19 – 652k

 

  • Resi Sales Sold STC Pipeline(Units) (Monthly Stat): 505k at end of October. For comparison, Oct ’23 – 401k, Oct ’22 – 483k,  Oct ’21 – 528k, Oct ’20 – 548k, Oct ’19 – 372k

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