What's going on with the UK property market?

So what is happening to the UK's property market?

Here is what has happened in the 7 days to and including Sunday 23rd October 2022.

SALES AGREED

19,912 sales agreed (compared to 21,088 sales agreed last week and 2022 overall weekly average of 25,829 sales agreed). Thoughts - Early 2022 was a crazy time in the UK property market, so sales would be higher, bringing the YTD average up. Interestingly, the average weekly sales over the last month have been 21,878 sales per week. Steady as she goes!

SALE FELL THRU

8,080 sale fall thru sounds a lot, yet when you consider there are 428,000 properties presently sale agreed and in agent's pipelines, it doesn't sound so bad. Last week 8,498 sales fall thru and the 2022 YTD weekly average of 6,305.

NEW LISTINGS

31,571 new listings (new houses on the market this week) compared to 32,882 last week. YTD weekly figure is 32,042. No dumping of loads of property on the market like in 2008 in the Credit Crunch (which will drag house prices down).

PRICE CHANGE

18,958 price changes last week (compared to 19,195 the week before yet up on the 11,523 per week YTD for 2022). Interestingly, it's the bigger priced properties that are being reduced - ie in the Spring of 2022, the average asking price of properties that were being reduced was £414,547, whilst the last month has been £433,308.

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