UK Property Market Stats Show - Week 47 2024 - Ep.2037

UK Property Market Weekly Update In this week’s ‘UK Property Market Stats Show’ on YouTube for week ending Sunday, 22nd November 2024, myself and this week’s special guest, Iain White discuss the property market headlines for Week 47 of 2024. The main headlines: · Listings (New properties coming on to the market) - 27.2 UK listings this week (week 47), an expected slight drop of 1.8k from last week. 8.3% higher 2024 YTD than 2023 YTD. · % of Resi Sales Stock being reduced (Monthly): 13% of Resi sales stock was reduced in the last month. 14% last month and long term 5 year average 10.6%. · Total Gross Sales - 23.8k UK homes sold stc this week (Week 47), 1.2% lower than last week. 21% higher than the same standalone week (week 47) in 2023. Also, 8.6% higher than 2017/18/19 YTD levels & 15.1% higher than 2023 YTD levels. · Sale Thru rate (Monthly): UK Estate Agents sold 16.11% of their Resi sales stock in Oct ’24. Sept ‘ 24 was 14.79%. 2024 average is 15.86% & 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 lost 5.8% of their sales pipeline for the month of October (up from 5.6% in Sept ‘ 24). For the week 47, Sale Fall Thrus (as a % of Gross sales Agreed) decreased 25%). The 7 year Long Term weekly Average is 24.8% and it was 40%+ in the two months following the Truss Budget in the Autumn of 2022. · Net Sales - 17.8k this week (average for last 4 weeks 17.7k). 20% higher than the same week 47 in 2023, 56% higher than the same week 47 in 2022 & still 17.4% higher YTD in 2024 compared to YTD 2023. · % of Homes exchanging vs homes unsold - Of the 1,387,069 UK homes that left UK Estate Agents books since the 1st Jan 2024, 743,269 of them (53.59%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 643,800 (46.41%) were withdrawn off the market, unsold.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 months in advance with an accuracy rating of 92%. Final October figures saw a slight jump in this important metric to £346/sq.ft. For comparison - Sept’s £339/sq.ft, August’s £338/sq.ft, and July at £341/sq.ft. This means house prices are slightly growing. · Resi Sales Stock on the Market (Monthly Stat) : 725k at end of October (up from 724k at end of Sept). For comparison, Oct ’23 - 664k, Oct ’22 - 523k, Oct ’21 - 425k, Oct ’20 - 681k, Oct ’19 - 652k · Resi Sales Sold STC Pipeline (Units) (Monthly Stat): 505k at end of October. For comparison, Oct ’23 - 401k, Oct ’22 - 483k, Oct ’21 - 528k, Oct ’20 - 548k, Oct ’19 - 372k Local Focus this week - Banbury Thank you for your interest Kind regards Christopher Watkin PS YouTube Link to The UK Property Market Stats Show - https://youtu.be/5GoM1ognDIM PPS Graphs https://we.tl/t-aJNnSICm5E