Statistics paint a more positive picture
Dive deeper into the UK property market as we uncover the key insights from the past week's data (Monday, August 7th to Sunday, August 13th, 2023), which paints a more optimistic picture than the mainstream media. Let’s explore the numbers that shape the landscape of the UK property market.
In a display of vitality, a total of 31,024 new property listings emerged onto the scene, painting a brighter picture of the market's dynamism. This trend is further solidified by the 2023 weekly average of 32,845 new listings, which makes the number impressive seeing that it is despite it being the summer holidays, which are notoriously quieter than other parts of the year.
The average listing price held steady at £408,792, aligning with the overarching ethos of the 2023 weekly average of £431,870. Even amidst the summer holiday season, the market showcased commendable resilience with 20,614 properties sold subject to contract. This achievement is in line with the 2023 weekly average of 22,170 sales per week, reinforcing the market's consistent rhythm.
Interestingly, the number of properties sold this week held an average asking price of £351,324, maintaining a consistent pattern over the last eight months and resonating closely with the 2023 weekly average of £358,928. This stability empowers buyers and sellers with a clearer understanding of current market trends.
In a display of resilience and achievement, 14,758 net sales were achieved, aligning with the 2023 weekly average of 16,792. A testament to the market's strength, even during the summer holidays.
Despite challenges, the year-to-date net sales of 537k underscore the market's vitality, standing at a mere 8.5% behind the pre-Covid average of 2017/8/9. This showcases the UK property market's ability to adapt, thrive, and overcome adversities.
As we analyse the week's statistics, it's evident that, while there are challenges, the UK property market remains stable. With consistent averages and resilient trends, buyers and sellers can navigate the landscape with confidence, knowing that the market is on their side.