14/12/2024
UK Property Market Update (Week Ending 8th Dec 2024)
🏡 New Listings
21.2k new properties hit the market this week—a seasonal dip of 2.6k compared to last week. However, listings remain 8.5% higher YTD than 2023, signaling a steady supply.
📉 Price Reductions:
11.1% of stock saw price cuts in November, compared to 13% in October. Seasonal trends suggest sellers are adjusting expectations as stock levels drop before Christmas.
🔑 Sales Agreed:
20.7k homes sold this week, down 9.6% from last week but 24% higher YoY than Week 49 in 2023. Resilience in demand continues despite market fluctuations.
💔 Fall-Throughs:
26.3% of agreed sales fell through this week—slightly above the 7-year average (24.3%) but far better than the 40%+ recorded after the Autumn 2022 “Truss Budget.”
📊 House Prices:
Average price: £344/sq.ft in November, reflecting a 4% increase since January. This metric often predicts Land Registry prices 5-6 months ahead with remarkable accuracy.
🔄 Sold vs. Unsold:
Of 1.47m homes listed in 2024, 53.7% sold and completed, while 46.3% were withdrawn. Essentially, homeowners have a 50/50 chance of completing a sale.
✨ Market Insight:
Despite typical holiday slowdowns, 2024 is outperforming expectations in terms of sales and price stability, showing a healthier market compared to previous years.
What this means | The UK property market remains resilient despite seasonal slowdowns, with strong year-on-year performance in sales and prices. Whether you’re buying, selling, or just staying informed, understanding these trends is key to navigating the market effectively.
📩 Need Guidance?
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