🏡Flintshire Property Market Update - Sept 24'
In this video, Ben gives a detailed breakdown of the local Flintshire Market and emphasises the importance of ensuring the asking price of your property is correct when it hits Rightmove. He also talks about some key questions to ask Estate Agents when they come around for a valuation.
The following stats are from Chris Watkin. If you want a more detailed breakdown of the market UK-wide, subscribe to Chris' YouTube channel, The Property Stats Show.
The main headlines:
· Listings (New properties coming on to the market) - 37.4k UK listings this week (week 38), 38k the week before. 7.7% higher 2024 YTD than 2017/18/19 YTD average. 14.5% higher than Week 38 of 2023.
· Total Gross Sales - 26.4k UK homes sold stc this week (Week 38), which 25.2% higher than the same week (week 37) in 2023. Also, 7.1% higher than 2017/18/19 YTD levels & 13.2% higher than 2023 YTD levels.
· Net Sales - 19.7k this week (19.3k last week). 32% higher than the same week in 2023 & still 16.2% higher YTD in 2024 compared to YTD 2023.
· % of Homes exchanging vs homes unsold - Of the 1,091,884 UK homes that left UK Estate Agents books since the 1st Jan 2024, 582,642 of them (53.36%) exchanged & completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 509,242 (46.64%) were withdrawn off the market, unsold. In essence you a flip of the coin chance of actually selling, homeowners moving and the estate agent getting paid.
· UK House Prices - Mid / Late September figures suggest a slight jump in this important metric to £343/sq.ft. For comparison - August’s Figures for the Sale Agreed £/sq.ft was at £338/sq.ft, and July at £341/sq.ft. This means house prices are rising, albeit slowly.
· Sale fall-throughs - Sale Fall Thrus (as a % of Gross sales Agreed) dropped to 25.1% this week. The 7 year Long Term Average is 24.2% and it was 40%+ in the two months following the Truss Budget in the Autumn of 2022.
Chris’s In-Depth Analysis (Week 38) :
* New Properties to Market: The UK saw 37,417 new listings. This year's YTD listings stand at 1,342,395; 8.9% higher than the historical 8 year YTD average of 1,246,487, 7.7% higher than YTD 2017/18/19 and 8.1% higher YTD 2023. Just FYI - Weekly 2024 average : 35,326.
* Average Listing Price: £460,259 (2024 weekly average - £440,261)
* Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 24%. (Weekly 2024 average 22.2%)
* Price Reductions: This week, 26,357 properties saw price reductions. Yet there are higher stock levels. Stock end of month August 2024 (latest data) levels are at 710k . This means that ONLY 1 in 6.5 properties each month are being reduced. Is that enough? I don’t think so!
* Average Asking Price for Reduced Properties this week: £427,171. (2024 weekly average - £400,312)
* Gross Sales: 26,357 properties were sold stc last week. 2024 weekly average : 24,757 Gross Sales)
* Accumulative Gross Sales YTD: The total YTD stands at 940,772, exceeding the average YTD Gross sales figure of 875,910 from 2017/18/19 and 828,925 in the same week 38 in 2023.
* Sale Thru rate: (NEW MONTHLY STAT) : UK Estate Agents sold 15.13% of their Resi sales stock in August ’24 (next update in early Oct for September. The 7 year long term average is 17.9% per month - yet dont forget that was only in mid/late 20%’s in the crazy years of 20/21/22). A decent bellwether and good comparison is the 2017/18/19 average at 15.57% per month.
* Average Asking Price of Sold STC Properties: Still staying in the £350/370k’s range (like has been for 2 years) at £371,074
* Sale Fall Throughs: Fall thrus this week dropped to 6,627. YTD weekly average is 5,737.
* Sale Fall Through % Rate: 25.1% for week 38. (Comparison - 25.5% for the last 3 months, whilst the long term 8 years average is 24.2% & it was 40%+ in Q4 2022 in the Truss budget!)
* Sale Fall Throughs in the Month as a % of the total Sales Pipeline (NEW STAT) - Good news - this dropped from 5.66% in July to 5.39% in August. (8 year average 5.32%). Conclusion - even though we are getting higher fall through rates (units wise)because the sales pipeline is higher, it just shows looking at the graph, that everything is okay (look at the yellow long-term trend line).
* Net Sales (Gross sales this week less fall thrus this week) - 19,730 net sales, up from 19,284 last week
* Accumulative Net Sales YTD: The total stands at 722,765, 5% higher than the 17/18/19 YTD Net sales average (688,387) and 16.2% higher than the YTD figure for 2023 for Net Sales (622,264)
* UK Resi monthly Sales Agreed as a % of monthly listings (NEW MONTHLY STAT) : 72.5% for August (latest stat). For comparison - 2024 YTD 70.6% and 2023 was 69.1% whilst the 5 year average 79.2%
Local Focus this week was Woking