The UK’s housing market showed further signs of a slowdown in the past week and analysts Iain McKenzie and Chris Watkin expect activity to remain subdued as higher borrowing costs hit new buyer enquiries.
The pair discussed the current state of the property market in the latest UK Property Market Stats Show.
The pair reflected on how difficult it is for estate agents to get sales through to exchange and completion at the moment, among a host of other industry related issues.
The key statistics of the UK Property Market for the week (Monday 10th July to Sunday 16th July 2023 inclusive):
+ New properties to the market (Listings): 34,682 for the week. The 2023 running weekly average is 32,963.
+ Average Listing price: £436,421. The 2023 running weekly average is £434,300.
+ Price reductions: 24,026. The 2023 running weekly average is 19,126.
+ Average asking price of properties being reduced: £423,133. The 2023 running weekly average is £407,622.
+ Number of properties Sold (Gross Sales): 21,610. The 2023 running weekly average is 22,303.
+ Average asking price of those properties that Sold STC this week: £361,664. The 2023 running weekly average is £359,765.
+ Sale fall throughs: 6,350. The 2023 running weekly average is 5,275.
+ Sale fall through rate. The number sales fall throughs expressed as a percentage of this week’s gross sales: 29.38% The 2023 running weekly average is 24.4%. (ie this week .. the number of sale fall thrus was 6,350 and the number sale agreed was 21,610. So, 6,350 expressed as a percentage of 21,610 is 29.4%)
Finally, in the last 20 minutes of the show, they discuss in depth the Wigan property market
Gross Sales as % of Listings
INNER LONDON 39.65% (2023 weekly average 47.34% )
OUTER LONDON 53.99% (2023 weekly average 60.04% )
SOUTH EAST 59.14% (2023 weekly average 63.82% )
SOUTH WEST 62.10% (2023 weekly average 68.68% )
EAST OF ENGLAND 59.42% (2023 weekly average 62.25% )
EAST MIDLANDS 62.08% (2023 weekly average 64.46% )
WEST MIDLANDS 70.72% (2023 weekly average 70.23% )
YORKSHIRE & HUMBER 70.77% (2023 weekly average 73.12% )
NORTH EAST 64.56% (2023 weekly average 72.82% )
NORTH WEST 62.77% (2023 weekly average 73.32% )
WALES 64.79% (2023 weekly average 73.78% )
SCOTLAND 89.46% (2023 weekly average 89.39% )
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% Sales that fell thru this week
INNER LONDON 34.64% (2023 weekly average 25.97% )
OUTER LONDON 32.22% (2023 weekly average 28.29% )
SOUTH EAST 32.72% (2023 weekly average 26.56% )
SOUTH WEST 31.50% (2023 weekly average 25.77% )
EAST OF ENGLAND 34.17% (2023 weekly average 26.89% )
EAST MIDLANDS 27.57% (2023 weekly average 24.27% )
WEST MIDLANDS 30.84% (2023 weekly average 25.27% )
YORKSHIRE & HUMBER 29.35% (2023 weekly average 22.28% )
NORTH EAST 25.17% (2023 weekly average 22.48% )
NORTH WEST 29.08% (2023 weekly average 25.85% )
WALES 34.21% (2023 weekly average 25.43% )
SCOTLAND 12.10% (2023 weekly average 12.52% )
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Net Sales as % listing this week
INNER LONDON 25.92% (2023 weekly average 35.36% )
OUTER LONDON 36.59% (2023 weekly average 43.24% )
SOUTH EAST 39.79% (2023 weekly average 47.09% )
SOUTH WEST 42.54% (2023 weekly average 51.21% )
EAST OF ENGLAND 39.12% (2023 weekly average 45.81% )
EAST MIDLANDS 44.97% (2023 weekly average 48.84% )
WEST MIDLANDS 48.91% (2023 weekly average 52.68% )
YORKSHIRE & HUMBER 50.00% (2023 weekly average 56.95% )
NORTH EAST 48.31% (2023 weekly average 56.51% )
NORTH WEST 44.51% (2023 weekly average 54.45% )
WALES 48.91% (2023 weekly average 52.68% )
SCOTLAND 78.63% (2023 weekly average 78.17% )
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I’d pick an estate agent especially if:
1. they didn’t have any contract length tie in (and promoted themselves on that)
2. they didn’t farm out buyers/sellers to the usual rubbish factory conveyancers
3. they publicised themselves generally based on stats of performance
I would always be delighted to provide an endorsement/publicity quote to any estate agent – especially to friends family and my clients, let alone the public – doing any of those.
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Wise words Impressive Conveyancing
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HOW THIS WEEKS FIGURES COMPARE TO THE RUNNING FOUR WEEKLY AVERAGE
National new instructions (%DIFF THIS WEEK VS MONTHLY AVE) -0.47%
National new Instruction £ (%DIFF THIS WEEK VS MONTHLY AVE) -0.84%
National price changed (%DIFF THIS WEEK VS MONTHLY AVE) 1.81%
National price changed £ (%DIFF THIS WEEK VS MONTHLY AVEe) -1.02%
National SSTC (% DIFF THIS WEEK VS MONTHLY AVE) -3.45%
National SSTC £ (%DIFF THIS WEEK VS MONTHLY AVE) -1.01%
National fallen through (%DIFF THIS WEEK VS MONTHLY AVE) -1.41%
Net sales (%DIFF THIS WEEK VS MONTHLY AVE) -4.28%
Gross Sales as % of Listings (%DIFF THIS WEEK VS MONTHLY AVE) -2.98%
% Sales that fell thru (%DIFF THIS WEEK VS MONTHLY AVE) 1.95%
Price Changes as % of Listings (%DIFF THIS WEEK VS MONTHLY AVE) 2.25%
Net Sales as % listing (%DIFF THIS WEEK VS MONTHLY AVE) -3.79%
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