Property Expert – UK Property Market Weekly Update

Property Expert – UK Property Market Weekly Update

• Listings (New properties coming on to the market) – 28.6k UK listings this week (week 44), an expected drop of 1.5k from last week. 8.1% higher 2024 YTD than 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 44), 6.9% lower than last week.  17% higher than the same standalone week (week 44) in 2023. Also, 7.4% higher than 2017/18/19 YTD levels & 14.8% 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– Agents lost 5.8% of their sales pipeline for the month (up from 5.6% in Sept ‘ 24). For the week 44, Sale Fall Thrus (as a % of Gross sales Agreed) increased slightly to 25.9% (up from 24.6% last 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.

 

• Net Sales– 17.8k this week (19.5k last week). 17% higher than the same week 44 in 2023, 54% higher than the same week 44 in 2022 & still 17.4% higher YTD in 2024 compared to YTD 2023.

 

• % of Homes exchanging vs homes unsold– Of the 1,295,604 UK homes that left UK Estate Agents books since the 1st Jan 2024, 693,669 of them (53.54%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 601,935 (46.46%) were withdrawn off the market, unsold.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

 

If you would like to chat about our local property market to our local property expert, feel free to drop’s a line on 01254 760660 or email us on Hello@Ainsworthlordestates.com