The Newspaper's may be full of doom and gloom, but here's the news, the Property Market is still ok!
Here's how things looked in the 7 days (up to and including Sunday 23rd October 2022)
SALES AGREED
19,912 sales agreed (compared to 21,088 sale 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 has been 21,878 sales per week. Steady as she goes!
SALE FALL THROUGHS
8,080 sale fall thrus 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 sale fall thru's and 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 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, its the bigger priced properties that are being reduced - ie in the Spring of 2022, the average asking price of properties that were being reduced were £414,547, whilst the last month has been £433,308