Updates on the UK Property Market

The property market in the UK, as of the week ending on March 24, 2024 (Week 12), is performing well with a healthy number of transactions and strong house prices.

The key points in this week’s property market statistics are:

• The price per square foot for the 95,000 homes that had sales agreed in March is £341 (compared to £339 in February and £331 in January).
• Property listings for the week were 10% above the eight-year average for Week 12.
• Total year-to-date (YTD) gross sales are up 10.6% from 2023 and 9% from the average between 2017 and 2019, marking the strongest week in 44 weeks.
• Net sales for the last week are 13.6% higher than in the same week in 2023 and 14% above the weekly average for 2024.
• One in five sales is still falling through.

Further insights for Week 12:

• New Properties on the Market: The UK saw 37,973 new listings, with YTD listings totaling 408,266. This is 8% higher than the eight-year historical average and 9.3% higher than the same period in 2023.
• Average Listing Price: £441,809.
• The difference in asking prices between newly listed properties and those that reached sale agreement this week rose slightly to 25%, against a long-term average of 16%-17%.
• Price Reductions: There were 21,378 price reductions last week, which is many more than the eight-year average for Week 10. This indicates that roughly every seventh property has its price cut each month.
• The average asking price for properties with reduced prices is £395,593.
• Gross Sales: 26,435 properties were sold subject to contract (stc) last week—a modest rise from the previous week and higher than figures for the same period in 2023 and the average for 2017-2019.
• Accumulative Gross Sales YTD are at 278,289, beyond the average from previous years and the 251,663 in Week 12 of 2023.
• The average asking price for sold stc properties is holding steady around £353,131.
• Sale Fall Throughs: Slightly increased this week with figures above the average for the entire year of 2023 and significantly less than the weeks following the Truss’onomics Budget in late 2022.
• Net Sales are comparable to last week at 20,733, above the 2017-2019 average for Week 12.
• Accumulative Net Sales YTD are at 218,333 which is higher than both the average for 2017-2019 and the 2023 figure up to this point.

Additionally, regional average rent prices in the UK are provided: