Welcome to our weekly residential property update. This week’s data paints a picture of a market with increased activity and generally positive trends. Let’s delve into the key figures:
Increased Activity:
- New Listings: The number of new properties coming onto the market has seen a healthy rise. This week saw 36,500 new listings, up from 35,900 last week. This represents an 11% increase compared to both the same week last year and the year-to-date (YTD) average for 2017-2019. This influx of new properties offers more choice for buyers.
- Sales Agreed: While slightly down from last week, the number of homes sold subject to contract (STC) remains strong. 27,000 sales were agreed this week. Impressively, YTD sales are 24% higher than in 2024 and a substantial 33% higher than the 2017-2019 average.
- Net Sales: After accounting for fall-throughs, net sales this week reached 20,600, exceeding the typical week 4 average. The YTD figure is also significantly up, 23% higher than 2024 and 26% higher than the 2017-2019 period.
- Sales Stock: The total number of properties on the market has risen to 660,000 at the end of January, as expected after the holiday period. This is higher than in recent years, indicating a more balanced market.
- Sales Pipeline: The number of sales agreed but not yet completed stands at a robust 440,000. This is considerably higher than in previous years, suggesting continued strong activity in the market.
Price Adjustments and Stability:
- Price Reductions: While the number of price reductions (21,500 this week) suggests some sellers are adjusting their expectations, the rate of reductions (approximately 1 in 8 properties per month) is in line with the long-term average.
- House Prices: Using the £/square foot metric, which has a strong track record of predicting Land Registry figures, house prices have risen by 3.64% in the last 12 months. January’s final figure was £342/square foot, up from £339/square foot in December. This indicates continued, albeit moderate, price growth.
Fall-Throughs:
- Fall-Through Rate: While fall-throughs are a natural part of the property market, the rate this week (23.7% of gross sales) is slightly below the 7-year average. For January as a whole, the fall-through rate was 6.03%, slightly higher than the 2024 average.
Overall, the data suggests a healthy and active UK property market. Increased listings, strong sales figures, and moderate price growth point to positive momentum. While price reductions are occurring, they remain within typical ranges. The fall-through rate, while slightly up in January, is generally manageable.
Frank Marketing is here to help you grow your market share regardless of what the market is doing. Contact us today to discuss your property marketing needs.
