UK Property Market Stats Show - Week 50 2024 - Ep.2058

Letting & Estate Agent Podcast

UK Property Market Weekly Update In this week’s ‘UK Property Market Stats Show’ on YouTube for week ending Sunday, 15th December 2024, myself and this week’s special guest, Toby Phillips (Boss of Martin & Co and the experience brands) discuss the property market headlines for Week 50 of 2024. Youtube Show … https://youtu.be/iYnanweZ2tk The main headlines: · Listings (New properties coming on to the market) - 17k UK listings this week (week 50), an expected drop of 4k listings from last week. 8.5% higher 2024 YTD than 2023 YTD and 7.4% higher than the average of 2017/18/19 · % 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 - 19.1k UK homes sold stc this week (Week 50), 21% higher than the same standalone week (week 50) in 2023. Also, 9.1% higher than 2017/18/19 YTD levels & 15.4% higher than 2023 YTD levels. · Sale Thru 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 50, Sale Fall Thrus (as a % of Gross Sales Agreed) 25.1%. 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 - 14.3k this week (average for last 4 weeks 16.2k). 20% higher than the same week 50 in 2023, 43% higher than the same week 50 in 2022 & still 17.5% higher YTD in 2024 compared to YTD 2023. · % of Homes exchanging vs homes unsold - Of the 1,513,570 UK homes that left UK Estate Agents books since the 1st Jan 2024, 813,063 of them (53.7%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 700,507 (46.3%) were withdrawn off the market, unsold.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 · 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 - Halifax Thank you for your interest Kind regards Christopher Watkin