New Listings
The number of new properties coming onto the market has increased. We’ve seen 35,900 new listings this week, up from 34,900 last week. This represents a 13% increase compared to Week 4 of 2024 year-to-date, and a 12% increase year-to-date compared to the same period in 2017/18/19. This suggests a healthy flow of new stock becoming available.
Price Reductions
Around 21,000 price reductions were recorded this week. This equates to approximately 1 in 8 of residential sales properties having their prices reduced each month (12.1%). This figure is slightly above the 2024 average of 11.9% and the long-term 5-year average of 10.6%. It indicates that sellers are adjusting their pricing strategies to meet market demand.
Sales Agreed (Gross)
The number of sales agreed (sold subject to contract – STC) has risen to 27,500 this week, up from 25,700 last week. This is a significant 29% higher year-to-date compared to 2024 and a substantial 37% higher than the same period in 2017/18/19. This demonstrates strong buyer activity in the market.
Sale-Through Rate
The sale-through rate for January was 15% of residential stock sold STC. This compares to 13.9% in January 2024 and a 2024 monthly average of 15.3%. The long-term 8-year average is 17.9%. This metric shows the proportion of available properties that are successfully selling.
Sale Fall-Throughs
We saw 6,186 sales fall through this week, out of a total residential sales pipeline of 440,431 homes sold STC. This represents 22.5% of gross sales this week, slightly below the 7-year average of 24.2% but considerably lower than the 40%+ levels seen after the Truss Budget in Autumn 2022. For January as a whole, 6.03% of sales in agents’ pipelines fell through, compared to a 2024 average of 5.36%. While fall-throughs are a normal part of the process, these figures are worth monitoring.
Net Sales
Net sales (gross sales minus fall-throughs) reached 21,300 this week, compared to a typical week 3 average of 19,410 and 19,700 last week. Year-to-date, net sales are 29% higher than in 2024 and 32% higher than in 2017/18/19. This is a key indicator of actual completed sales.
Residential Sales Stock
At the end of January, there were 660,000 properties on the market, up from 605,000 in December. This is higher than recent years, with 612,000 in January 2024, 525,000 in January 2023, and 373,000 in January 2022. This increase in available stock gives buyers more choice.
Sales Pipeline
The number of sales agreed but not yet completed stood at 440,000 at the end of January. This is significantly higher than in previous years, including 354,000 in January 2024, 347,000 in January 2023, and 270,000 in January 2017. This large pipeline suggests continued activity in the market.
House Prices (£/sq.ft)
The £/sq.ft metric, which has historically predicted Land Registry figures 5 months in advance with a 92% accuracy, reached £342/sq.ft in January. This compares to £339/sq.ft in December, £334/sq.ft in August, and £330/sq.ft in January 2024. This indicates that UK house prices have risen by 3.64% in the last 12 months.
Overall, the UK property market shows signs of robust activity with increased listings, strong sales figures, and a healthy sales pipeline. While price reductions are occurring, they remain within typical ranges. The increase in available stock offers buyers more options, and house prices continue to show moderate growth.
