UK Property Market Weekly Update: Ending Sunday, 24th November 2024 (Week 47)

Welcome to our weekly update of the UK property market for the week ending Sunday, 24th November 2024. This week has seen some interesting shifts in the numbers across listings, sales, and pricing, providing insight into the health and trajectory of the property market as we approach the end of the year. 📊🏡

Weekly Market Highlights

• Listings (New Properties Coming to Market): 27.2k new UK listings this week, marking a slight drop of 1.8k from last week. However, 2024 YTD listings are still 8.3% higher compared to 2023 YTD. 📉
• Percentage of Residential Sales Stock Being Reduced (Monthly): 13% of residential sales stock was reduced in the last month, compared to 14% in the previous month. The long-term five-year average stands at 10.6%. 🔄
• Total Gross Sales: 23.8k UK homes were sold STC (subject to contract) this week, a slight decrease of 1.2% from last week but 21% higher than the same week in 2023. Sales are also 8.6% above 2017/18/19 YTD levels. 📈
• Sales Through Rate (Monthly): UK estate agents sold 16.11% of their residential sales stock in October 2024, up from 14.79% in September. The 2024 average is 15.86%, although the seven-year long-term average is 17.9%. 📊
• Sale Fall-Throughs: Sales fall-throughs for October increased slightly to 5.8%, up from 5.6% in September. However, sale fall-throughs as a percentage of gross sales agreed have decreased to 25% for week 47, below the 7-year average of 24.8%. 🚫🏠
• Net Sales: 17.8k net sales this week (compared to an average of 17.7k for the last four weeks). This is 20% higher than the same week in 2023 and 56% higher than the same week in 2022. 🚀
• Percentage of Homes Exchanging vs. Unsold: Of the 1,387,069 UK homes that left the market since January 1st, 2024, 53.59% have exchanged contracts while the remaining 46.41% were withdrawn unsold. Effectively, sellers have about a 50/50 chance of successfully selling their home. 🎲
• UK House Prices: The average price per square foot rose slightly to £346 in October 2024, up from £339 in September. This slight uptick indicates a modest growth in house prices. 🏷️💷
• Residential Sales Stock on the Market (Monthly Stat): 725k properties at the end of October, up slightly from 724k in September. This is also up compared to October 2023 (664k) and October 2022 (523k). 📦🏠
• Residential Sales Sold STC Pipeline (Units) (Monthly Stat): 505k units sold STC at the end of October, compared to 401k in October 2023 and 483k in October 2022. 📋

Summary and Key Takeaways

The UK property market continues to show resilience as we enter the final stretch of 2024. 📅 Overall, listings remain strong, price reductions are decreasing, and both net sales and gross sales figures are holding steady or growing compared to recent years. This stability offers positive signs for both buyers and sellers, indicating continued market activity and demand. 🌟🏡

The slight uptick in house prices and the increased percentage of sales being completed successfully both reflect confidence in the market, even amid economic challenges. For homeowners and investors alike, understanding these trends can help make informed decisions for the future. 📊💡

Talk to Us!

If you’re interested in discussing the local property market, whether buying, selling, or investing, we're always here to help. Feel free to give us a call at [insert telephone number] or email us at [insert email address]. 📞📧 Cooke & Co is dedicated to providing expert advice for all your property needs. 🌟

About Cooke & Co

Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, Westgate, Birchington, Minster, Monkton, and Manston. We're here to make your property dreams come true, whatever the season! 🏡✨

Contact us:

• Margate Office: (01843) 231833
• Ramsgate Office: (01843) 851322
• Broadstairs Office: (01843) 600911

Visit our website at www.cookeandco.com or email us at enquiry@cookeandco.com.