Listings (New properties coming on to the market) – 30k UK listings this week (week 43), an expected drop of 2.5k from last week. 7.5% higher 2024 YTD than 2023 YTD.
· % of Resi Sales Stock being reduced: 14% of Resi sales stock was reduced in the month (long term average 10.6%)
· Total Gross Sales – 25.8k UK homes sold stc this week (Week 43), 0.9% lower than last week. 24% higher than the same standalone week (week 43) in 2023. Also, 8% higher than 2017/18/19 YTD levels & 14.8% higher than 2023 YTD levels.
· Sale Thru rate: (NEW MONTHLY STAT) : UK Estate Agents sold 14.79% of their Resi sales stock in Sept ’24. 2024 average is 15.83% & 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 are lost 5.5% of their sales pipeline for the month. For the week 43, Sale Fall Thrus (as a % of Gross sales Agreed) dropped slightly to 24.6% this 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 – 19.5k this week (19.5k last week). 27% higher than the same week 43 in 2023 & still 17.4% higher YTD in 2024 compared to YTD 2023.
· % of Homes exchanging vs homes unsold – Of the 1,257,497 UK homes that left UK Estate Agents books since the 1st Jan 2024, 672,347 of them (53.47%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 585,150 (46.53%) were withdrawn off the market, unsold.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 – Final September figures suggest a slight jump in this important metric to £340/sq.ft. For comparison – August’s Figures for the Sale Agreed £/sq.ft was at £338/sq.ft, and July at £341/sq.ft. This means house prices are stable.
If you would like to chat about our local property market, feel free to call us on 01604 626 626 or email us at northampton@belvoir.co.uk
