In this week’s ‘UK Property Market Stats Show’, Steph Walker and I look at stats for week ending Sunday, 8th December 2024 (week 49)
The main headlines are as follows:
Listings (New properties coming on to the market) – 21.2 UK listings this week (week 49), an expected drop of 2.6k from last week. 8.5% higher 2024 YTD than 2023 YTD.
· Percentage of resi sales stock being reduced (monthly): 11.1% of resi sales stock was reduced in the last month (November). 13% in October & 14% in September. Not brilliant as Stock levels are dropping in the usual run up to Christmas.
· Total Gross Sales – 20.7k UK homes sold stc this week (Week 49), 9.6% lower than last week (as expected). 24% higher than the same standalone week (week 49) in 2023. Also, 8.9% higher than 2017/18/19 YTD levels & 15.3% higher than 2023 YTD levels.
+ Sale through rate (monthly): UK Estate Agents sold 14.9% of their Resi sales stock last month. 2024 average is 15.7% & 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 – For the week 49, Sale Fall Throughs (as a % of gross sales agreed) 26.3%. The 7-year long-term weekly Average is 24.3% and it was 40%+ in the two months following the Truss Budget in the Autumn of 2022.
+ Net Sales – 15.2k this week (average for last 4 weeks 17.1k). 21% higher than the same week 49 in 2023, 52% higher than the same week 49 in 2022 & still 17.5% higher YTD in 2024 compared to YTD 2023.
+ Percentage of homes exchanging vs homes unsold – Of the 1,474,594 UK homes that left UK Estate Agents books since the 1st Jan 2024, 792,138 of them (53.7%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 682,456 (46.3%) were withdrawn off the market, unsold.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 – As explained in the show, the £/sqft figure foretells and predicts the Land Registry 5 / 6 months in advance with an accuracy rating of 92%. The Initial November figure, in this important metric, is £344/sq.ft. In January ’24, it was £330/sqft, a rise of 4% in the last 10 months (and for comparison) in August ’24, it was £334/sq.ft ( a 3% rise)
+ Resi sales stock on the market (monthly stat) : 677k at end of November. For comparison, Nov ’23 – 664k, Nov ’22 – 527k, Nov ’21 – 397k, Nov ’20 – 617k, Nov ’19 – 608k.
+ Resi Sales Sold STC Pipeline (Units) (Monthly Stat): 487k at end of November. For comparison, Nov ’23 – 391k, Nov ’22 – 436k, Nov ’21 – 509k, Nov ’20 – 533k, Nov ’19 – 353k.
Local Focus this week – Rochdale
Why do estate agents earn 56% less today compared to the year 2000?
Steph and I delved into the critical topic of pipeline management and its impact on estate agency success. A key takeaway was the startling fact that 47% of properties leave agents’ books unsold, highlighting missed opportunities in many cases.
We discussed how agents often struggle with lost listings, with many neglecting follow-ups due to pride or fear of rejection. As Steph rightly pointed out, effective pipeline management isn’t just about chasing volume—it’s about focusing on the right opportunities. For instance, revisiting withdrawn listings with strategic, value-added approaches could unlock new instructions and ultimately improve completion rates.
How do you approach managing withdrawn listings in your pipeline? Are there strategies you’ve found particularly effective in converting these into successful sales?
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Over valuing – when we looked at the data for Rochdale, it revealed that while some overvaluing can be strategic, the average knockdown from initial asking prices currently sits at 3.36%—slightly above the usual 2%.
We highlighted how pricing affects both the time to sell and the eventual sale price. Overvaluing can lead to extended market time, price reductions, and ultimately, missed opportunities. However, some agents in the data showed strong results by using “keen pricing” strategies to achieve faster sales and better outcomes for their clients.
As agents, how do you balance the pressure to secure instructions with the responsibility of setting realistic asking prices? What methods do you use to educate sellers on the importance of pricing correctly from the start?
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93.1% Resi sales properties sell with the first agent – With such high first-agent success rates, what strategies should second agents adopt to win instructions and ensure sales?
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zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
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Thank you Ganstazzzzzzzzzz. Are you interested in what is happening in the UK property market?
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