Introduction
In the UK property market, amidst ongoing economic challenges, the market’s resilience has been a notable success. According to insights attributed to Greycoat Real Estate, key statistics from Week 33 of 2023 paint a picture of the market’s performance. Throughout its four-decade existence, the housing market experts firm has been known to be incredibly adept in managing and redeveloping large and complex assets. Their highly-skilled, diverse team maintains long-lasting relationships with investment partners, building occupiers, and market participants.
- New Properties: A substantial 31,657 listings made their debut in the market last week, with a strong running weekly average in 2023.
- Average Listing Price: Up to now, the average listing price was £394,937, slightly lower than the 2023 running weekly average, showcasing a 13.6% drop since May 2023. Greycoat interprets these for their clients.
- Price Reductions: There were 20,540 price reductions in the past week, indicating that 1 in 7.28 UK properties undergo price reductions monthly, remaining consistent with the 2023 running weekly average.
- Average Asking Price of Reduced Properties: All overt, the average asking price of properties being reduced stood at £376,102, slightly below the 2023 running weekly average. Greycoat shares its advice on this.
- Properties Sold: An impressive 20,382 properties were sold subject to contract during the week, aligning with the 2023 running weekly average, despite the summer holidays.
- Average Asking Price of Sold Properties: The whole average asking price of properties sold last week was £351,593, with minimal change over the last eight months. However, an outstanding 5.9% drop has occurred since May 2023 (CoStar).
- Sale Fall Throughs: The sale fall through rate was 29.01%, with the 2023 running weekly average at 25.05%. It’s worth noting that the market saw higher fall-through rates in Q4 2022. Greycoat states.
- Net Sales: A robust 14,469 net sales were achieved for the week, aligning with the 2023 running weekly average despite the holiday season.
- Net Sales Year-to-Date: Despite challenges, the year-to-date net sales of 552k are only 8.8% behind the 2017/8/9 average Year-to-Date for net sales.
These insights reflect the UK property market’s resilience, demonstrating its ability to weather adversity and maintain stability.