UK Property Market Weekly Update ...... In this week’s ‘UK Property Market Stats Show’ on YouTube for week ending Sunday, 3rd November 2024, Chris ‘Stato’ Watkin with this week’s special guest, Rob Smith (bossman of Hunters & Whitegates) discuss the property market headlines for Week 44 of 2024.
The main headlines:
· Listings (New properties coming on to the market) - 28.6k UK listings this week (week 44), an expected drop of 1.5k from last week. 8.1% 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 - 24k UK homes sold stc this week (Week 44), 6.9% lower than last week. 17% higher than the same standalone week (week 44) in 2023. Also, 7.4% higher than 2017/18/19 YTD levels & 14.8% 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 (up from 5.6% in Sept ‘ 24). For the week 44, Sale Fall Thrus (as a % of Gross sales Agreed) increased slightly to 25.9% (up from 24.6% last week). The 7 year Long Term weekly Average is 24.2% and it was 40%+ in the two months following the Truss Budget in the Autumn of 2022.
· Net Sales - 17.8k this week (19.5k last week). 17% higher than the same week 44 in 2023, 54% higher than the same week 44 in 2022 & still 17.4% higher YTD in 2024 compared to YTD 2023.
· % of Homes exchanging vs homes unsold - Of the 1,295,604 UK homes that left UK Estate Agents books since the 1st Jan 2024, 693,669 of them (53.54%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 601,935 (46.46%) were withdrawn off the market, unsold.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 - Putney (SW15) in London
Graphs - [ Ссылка ]
Thank you for your interest
Kind regards
Christopher Watkin
