Despite the current economic hurdles, the UK property market displayed enduring strength and resilience last week, confounding many naysayers.
The week’s highlight was an appearance from Verona Frankish, the head of Yopa, the UK’s 8th leading estate agency brand.
Here are the vital statistics from Week 33 of the UK property market, spanning from Monday, August 14th to Sunday, August 20th, 2023:
New Market Listings: Last week saw a notable 31,657 new property listings. The average for 2023 remains at a commendable 32,831 listings per week.
Average Listing Price: Properties were listed at an average price of £394,937, which is below the 2023 weekly average of £431,751. Since May 2023, there’s been a 13.6% dip in the average listing price.
Price Reductions: The market observed 20,540 price slashes last week. This indicates that every month, approximately 1 in 7.28 UK properties experience a price cut. The 2023 weekly average is roughly 19,622.
Average Asking Price for Reduced Properties: This metric settled at £376,102 for the week, with the yearly average standing at £401,714.
Property Sales (Gross Sales): An impressive total of 20,382 properties went under contract. Given the summer vacation season, this aligns closely with the 2023 weekly average of 22,115 properties.
Average Asking Price of Sold Properties: Properties that went under contract last week had an average asking price of £351,593, not deviating significantly from the 2023 weekly average of £358,706. However, this price has seen a decrease of 5.9% since May 2023.
Sales Fall Through Rate: This rate was 29.01%, calculated as a percentage of the gross sales for the week. The yearly average for 2023 is 25.05%, which is a marked improvement from the Q4 2022 average that was over 38%.
Net Sales: 14,469 net sales were recorded last week. This figure aligns well with the 2023 average of 16,721, especially given the summer holiday period.
Year-to-Date Net Sales: Year-to-date figures for 2023 show a total of 552k net sales. This means that, despite the challenges faced, the market lags just 8.8% behind the 2017/8/9 average year-to-date net sales.
Despite prevailing uncertainties, the UK property market stands firm, showcasing its resilience against challenges.