What’s happening in the UK property market? - Property Industry Eye
The property market in the UK continues to display notable resilience, standing out significantly against other domains of economic unpredictability, as indicated by the most recent data.
The UK property market's ability to bounce back has not only amazed doubters but also reinforced its reputation as a trustworthy investment option, even during unsettled periods. Whether this lasting strength is an indication of future trends or just a temporary calm is yet to be determined. Nevertheless, the UK property market has shown impressive resilience and is successfully maintaining its stability.
On The UK Property Market Stats Show this week, Iain White, former director of Romans and currently a coach and mentor for estate agents all over the UK, will be our special guest.
Here are the important figures and results that provide an overview of the UK Property Market during the previous week (Week 34) from Monday, August 21st to Sunday, August 27th, 2023:
+ Latest Additions to the Market (Listings): A whopping 31,258 properties were unveiled on the market in the past week. The ongoing average for this year, specifically the weekly tally for 2023, remains steadfast at 32,785.
+ Typical Asking Price: The mean asking price was £405,507, which was below the previous year's weekly mean of £430,008.
+ Decreased Prices: The previous week witnessed a grand total of 19,697 reductions in prices. The ongoing average for this week, based on weekly records, remains steady at 19,624.
+ This week, the typical amount of money people are requesting for their properties has decreased to around £380,753. This is lower than the average asking price of £401,078 that has been observed on a weekly basis in the year 2023.
+ Quantity of Properties Purchased (Total Sales): An impressive total of 20,304 properties have been sold, pending contract. This achievement is particularly noteworthy when taking into account the fact that it is August, a time when people often take holidays. Furthermore, it closely matches the average weekly sales figure of 22,062 (subject to contract) that has been maintained throughout 2023.
+ Typical Inquiring Value of Properties Sold Subject to Contract (STC) in the Last Week: The typical inquiring value of the properties that were sold last week amounted to £347,956. This amount has remained relatively stable for the past 8 months, with a weekly average of £358,389 in 2023. However, there has been a 6% decrease in the average inquiring price of properties that have been agreed upon for sale since May 2023.
+ Sales Failures: The rate at which sales fall through is 30.26% (expressed as a percentage of the total sales for the week). The average rate for the current week in 2023 is 25.2% (however, it's important to note that in the fourth quarter of 2022, the average was higher, at over 38%).
+ Sales Performance this Week: A strong total of 14,159 sales were accomplished. This aligns with the average weekly sales of 16,646 for the year 2023, especially as we are currently in the holiday season.
+ Total Net Sales for the Current Year: In spite of the difficulties faced, the net sales accumulated so far this year amount to 565k. This demonstrates that despite the negative economic circumstances, the market is only lagging behind the average net sales for the years 2017, 2018, and 2019 by a marginal 9.2%.
Despite the doubt and lack of certainty, the property market in the UK continues to showcase its ability to withstand tough situations and remain steadfast.
In the final segment of the show, we will be shifting our attention towards Crawley, an area within our immediate vicinity.
The United Kingdom experiences the most significant decrease in house prices in nearly a decade, according to Nationwide.
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