Property Market Monday 11th June to Sunday 18th June 2023 inclusive

Property Market Monday 11th June to Sunday 18th June 2023 inclusive

UK Property Market: Weekly Overview (Monday 11th June to Sunday 18th June 2023)

The UK property market experienced notable activity during the week of Monday 11th June to Sunday 18th June 2023. Here are the key highlights from that period:

Listings: The total number of property listings for the week reached 36,877. This surpassed the running weekly average for 2023, which stands at 32,649. This indicates a healthy level of properties available for prospective buyers.

Average Listing Price: The average listing price during this week was £450,684. Comparing this to the running weekly average for 2023 (£433,330), it demonstrates a slight increase in the asking prices of properties in the market.

Price Reductions: There were 22,874 instances of price reductions during the week, reflecting a higher number compared to the running weekly average for 2023 (18,381). Sellers were making adjustments to their asking prices to attract potential buyers.

Average Asking Price of Properties Being Reduced: The average asking price of properties that underwent price reductions was £426,203. This exceeded the running weekly average for 2023 (£404,150). It suggests that sellers were willing to negotiate and make adjustments to secure a sale.

Gross Sales: The total number of completed property sales for the week amounted to 24,201. This figure exceeded the running weekly average for 2023, which stands at 22,289. It indicates a healthy level of buyer activity and successful transactions.

Average Asking Price of Properties Sold Subject to Contract (STC): Properties sold subject to contract had an average asking price of £371,914. Comparing this to the running weekly average for 2023 (£358,800), it shows a moderate increase in the prices of properties being sold.

Sale Fall Throughs: There were 6,163 instances of sale fall throughs during the week. This figure exceeded the running weekly average for 2023 (5,081). Sale fall throughs occur when a property sale fails to reach completion after an agreement has been made.

Percentage of Sales Fall Throughs to Gross Sales: The percentage of sales fall throughs to gross sales was calculated to be 25.47%. Comparing this to the running weekly average for 2023 (23.64%), it indicates a slightly higher rate of sales falling through during the week.

In summary, the UK property market experienced robust activity during the week of Monday 11th June to Sunday 18th June 2023. The number of property listings, average asking prices, and completed sales demonstrated positive trends, indicating a dynamic market. However, it is important to monitor the percentage of sale fall throughs as it exceeded the running weekly average, highlighting the need for careful management of transactions.

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