UK Property Market Weekly Update

· Listings (New properties coming on to the market)  - 30k UK listings this week (week 43), an expected drop of 2.5k from last week. 7.5% higher 2024 YTD than 2023 YTD.

 

· % of Resi Sales Stock being reduced: 14% of Resi sales stock was reduced in the month (long term average 10.6%)

 

· Total Gross Sales - 25.8k UK homes sold stc this week (Week 43), 0.9% lower than last week.  24% higher than the same standalone week (week 43) in 2023. Also, 8% higher than 2017/18/19 YTD levels & 14.8% higher than 2023 YTD levels. 

 

· Sale Thru rate: (NEW MONTHLY STAT) : UK Estate Agents sold 14.79% of their Resi sales stock in Sept ’24. 2024 average is 15.83% & 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 are lost 5.5% of their sales pipeline for the month. For the week 43, Sale Fall Thrus (as a % of Gross sales Agreed) dropped slightly to 24.6% this 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 - 19.5k this week (19.5k last week). 27% higher than the same week 43 in 2023 & still 17.4% higher YTD in 2024 compared to YTD 2023.

 

· % of Homes exchanging vs homes unsold - Of the 1,257,497 UK homes that left UK Estate Agents books since the 1st Jan 2024, 672,347 of them (53.47%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 585,150 (46.53%) were withdrawn off the market, unsold.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 - Final September figures suggest a slight jump in this important metric to £340/sq.ft. For comparison - August’s Figures for the Sale Agreed £/sq.ft was at £338/sq.ft, and July at £341/sq.ft. This means house prices are stable.

 

If you would like to chat about our local property market, feel free to drop’s a line on sales@lawrence-rand.co.uk or email us on 01895 632 211