Overview
In this week’s YouTube ‘UK Property Market Stats Show’ for the week ending Sunday, 4th August 2024, Chris Watkin and Iain McKenzie provided an in-depth analysis of the UK property market for Week 31 of 2024.
This morning World of Auctions expands upon that expert in-depth analysis to provide you with updates on the overall market, The Auction Market, this month, Together with what’s happening at Palace Auctions and world of Auctions at the Sharpe end of the Market.
Here within is Part 1 – The Market overview
The data reveals a robust market with several key trends and statistics that highlight the current state of the property market.
Key Highlights
House Prices
UK house prices on homes sold (subject to contract) in July 2024 have remained strong at £348 per square foot, which is a 6% increase from January 2024. This indicates a steady rise in property values over the first half of the year, reflecting a resilient market despite broader economic uncertainties.

Listings
The number of new listings in the UK for this week stands at 35.1k, which is 7% higher year-to-date (YTD) compared to the average of 2017/18/19 and 7.5% higher than the same period in 2023. This increase in listings suggests a growing confidence among sellers in the current market conditions.
Gross Sales
Total gross sales for the week reached 25.7k, marking a 21.3% increase compared to the same week in 2023. Additionally, this figure is 6.7% higher than the 2017/18/19 YTD levels and 11.3% higher than the 2023 YTD levels. This surge in sales activity underscores a strong demand for properties.
Net Sales
Net sales for the week were recorded at 19.3k, which is 27.8% higher than the same week in 2023 and 13.6% higher YTD in 2024 compared to YTD 2023. The significant increase in net sales indicates a healthy market with a high rate of successful transactions.

Exchange vs. Unsold Homes
In July 2024, 52.47% of homes that left UK estate agents’ books exchanged contracts, while the remaining 47.53% were withdrawn from the market unsold. This essentially means that there is a 50-50 chance of a property being sold once it is listed, highlighting the competitive nature of the market.
Sale Fall-Throughs
The percentage of sale fall-throughs (as a percentage of gross sales agreed) dipped to 25% this week, down from 26.7% last week. While this is slightly above the seven-year long-term average of 24.2%, it is significantly lower than the 40%+ seen during the Truss Budget period. This reduction in fall-throughs suggests improved stability in the transaction process.
Additional Insights in numbers
– New Properties to Market: The UK saw 35,115 new listings this week, which is around 10% to 12% higher than expected, indicating a robust supply side.
– Average Listing Price: The average listing price for this week was £415,698, slightly below the 2024 weekly average of £441,388, suggesting some price adjustments by sellers.
– Price Reductions: This week, 22,172 properties saw price reductions, which is higher compared to the eight-year Week 31 average of 17,747, indicating that sellers are becoming more flexible with their pricing.
– Accumulative Gross Sales in the year to date : The total YTD gross sales stand at 766,633, exceeding the average YTD gross sales figure of 718,377 from 2017/18/19 and 688,813 in the same week 31 in 2023.
– Average Asking Price of Sold STC Properties: The average asking price of sold STC properties remains in the £350/370k range, currently at £363,013, reflecting stable pricing in the market.
Conclusion
The UK property market continues to show resilience and strength as of the end of July 2024. With rising house prices, increased listings, and higher sales figures, the market remains robust. However, the competitive nature of the market and the significant percentage of unsold homes highlight the challenges that both buyers and sellers face. The reduction in sale fall-throughs is a positive sign, indicating improved transaction stability. Overall, the market trends suggest a healthy and dynamic property sector moving forward.
For more detailed insights and weekly updates, stay tuned to the UK Property Market Stats Show and world of Auctions latest news.
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