This week’s ‘UK Property Market Stats Show’ for week ending Sunday, 16th June 2024 features Steph Walker, boss of the The Agency UK.

The headlines are:

UK House prices remain strong at £350/sq.ft – 3.2% higher than March 2024

Listings – 37k UK listings this week. 5% higher YTD than 2017/18/19/20

Total Gross Sales – 26,455 (24,201 same week in 2023). YTD Gross sales are 8.7% higher than 2023 YTD levels and 7.7% higher than 2017/18/19 levels.

Net Sales – 20,483 this week, 13.5% higher than the same Week in 2023.

Sale fall-throughs remain steady at just over 1 in 5 sales.

Chris’s In-Depth Analysis of the UK Property Market (Week 24) :

New Properties to Market: The UK saw 37,191 new listings. This year’s YTD listings stand at 852,029, 12.1% higher than the historical 8 year YTD average of 759,291, 7.7% higher than YTD 2017/18/19 and 8.7% higher YTD 2023. Weekly 2024 average : 35,501.

Average Listing Price: £454,451 .

Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 23.4%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK, higher valuing properties for sale (downsizing) and a lower propensity of London & SE properties to sell causing this.

Price Reductions: Last week, 22,415 properties saw price reductions, a significant number compared to the 8-year Week 24 average of 19,532. This means 1 in 6.61 properties each month are being reduced (Long term average 1 in 9.9 per month)

Average Asking Price for Reduced Properties: £410,769

Gross Sales: 26,455 properties were sold stc last week (2024 weekly average : 24,522 Gross Sales).

Accumulative Gross Sales YTD: The total stands at 588,531, exceeding the average of 549,974 from 17/18/19 and 534,947 in the same week 24 in 2023.

Average Asking Price of Sold STC Properties: Still staying in the mid £360/380k’s range (like has been for 2 years) at £368,143.

Sale Fall Throughs: Fall thrus this week at 5,972. Last 2 months weekly average 5,943.

Sale Fall Through % Rate: Similar to last week at 22.6% for week 24. (Comparison – 22.4% for the last 2 months, whilst the long term 8 years average is 24.8% & it was 40%+ in Q4 2022 – that budget!)

Net Sales – 20,483. 6.9% higher than the 2024 YTD average of 19,153.

Accumulative Net Sales YTD: The total stands at 459,682, 4.8% higher the 17/18/19 YTD Net sales average (438,622) and 11.3% higher than the YTD figure for 2023 for Net Sales.

House Prices for June MTD are £350/sq.ft. For comparison – in May ’24 in £348/sq.ft, April ’24 – £344/sq.ft, March ’24 – £339/sq.ft, Feb ’24 -£339/sq.ft & Jan ’24 to £331/sq.ft).