Letting & Estate Agent Podcast Christopher Watkin

The UK Property Market for the week ending Sunday, 21st April 2024 (Week 16) saw the best week for Gross Residential Sales in nearly 2 years, best week for listings Oct 2020, yet that is all tempered with a worrying increasing amount of over valuing by Estate Agents

In this week’s UK Property Market Stats Show on YouTube (link https://youtu.be/0I9Z_j0nf7E )with Kristian Stott, the headlines are as follows ..

· House Prices on the 82k Sale Agreed homes in April stands at £343/sq.ft (March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft)

· Listings for last week (Week 16) - Highest since October 2020

· Total Gross Sales YTD are 9.9% higher than 2023 YTD levels and 9.2% higher than 2017/18/19 levels. The best week for Gross Sales in the Uk since July 2022

· Net Sales last week 8.5% higher than Week 16 2023, and 14% higher the 2024 weekly average

· Sale fall-throughs still at just over 1 in 5 sales.

(Over valuing by Estate Agents - the practice of some Estate Agents to over inflate the suggested asking price you put the home on the market for to secure your business, yet homeowners end up taking much longer to find a buyer, end up with less for there home and even up losing their dream home. The reasons are discussed at length in video)

Chris’s In-Depth Analysis (Week 16) :

* New Properties to Market: The UK saw 39,487 new listings. This year's YTD listings stand at 553,736, 11.2% higher than the historical 8 year YTD average of 497,991 and 9.9% higher YTD 2023.

* Average Listing Price: £466,506 .

* Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 28%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK, higher valuing properties for sale (downsizing) and a lower propensity of London & SE properties to sell causing this.

* Price Reductions: Last week, 22,330 properties saw price reductions, a significant number compared to the 8-year Week 16 average of 13,917. This means 1 in 6.64 properties each month are being reduced (Long term average 1 in 9.9 per month)

* Average Asking Price for Reduced Properties: £416,098.

* Gross Sales: 27,071 properties were sold stc last week.

* Accumulative Gross Sales YTD: The total stands at 377,217, exceeding the average of 351,027 from 17/18/19 and 341,883 in the same week 16 in 2023.

* Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £364,382.

* Sale Fall Throughs: Slight increase this to 5,982 Always have a jump after the easter holidays). For comparison, 5,022 YTD ’24 average weekly figure & 7,590 weekly sale fall thrus in two months after Truss Budget in Q4 2022.

* Sale Fall Through Rate: Decreased from last week, to 21.66% for the week (8 years average is 24.8%)

* Net Sales increase from last week’s figure to 21,089. YTD ’24 average 18,495

* Accumulative Net Sales YTD: The total stands at 295,912, 4.8% higher the 17/18/19 YTD Net sales average (282,342) and 12.6% higher than the YTD figure for 2023 for Net Sales (2023 YTD : 262,871).


This week’s local focus is on Southend

Stats / Charts available for personal use - https://we.tl/t-UYjXO1FuzO

Christopher

Evelyn Foster dropped by the Watkinsofa in January 2024 to chat all things Mum Guilt In Estate Agency

Silvia Eldawi, started her property career with the famous Northfields Estate Agency in West London, going on be become Lettings Director with Lauristons (before they were bought out) then moved to Dubai around 7 years ago. She has managed prestigious properties for various elite clients including royalty and developers. Renowned for her excellence. She's mentored over 750 property professionals globally, focusing on exceptional service and strong networks. Silvia stays ahead of trends and technology, founding PROPOLOGI, Dubai's Real estate podcast which future-proof real estate agent professionals with comprehensive training and support. Her achievements include co-founding a successful proptech startup and winning numerous awards, making her a sought-after speaker and influential figure. In December 2023, she dropped by the WatkinSofa to chat all things UK vs Dubai Estate Agency

Paul Shamplina to Grantham to sit on the WatkinSofa in January 2024. in this chat, I asked him why Landlords Go For CCJ's When Their Tenants Are In Arrears

Jamie Minors is an estate Agent in Norfolk. In his early 30s, this chap has made huge waves in the East Anglian property market alongside his business partner Alex Brady with their Estate Agency Minors & Brady.

In this video Jamie talks about his why so Estate Agents Cut The Marketing Spend When The Market Gets Tough

The UK Property Market for the week ending Sunday, 14th April 2024 (Week 15) saw the expected bounce back in listings and sales after the the normal Easter slowdown

In this week’s UK Property Market Stats Show on YouTube with Steph Walker from TAUK, the headlines are as follows ..

· House Prices on the 62k Sale Agreed homes in April stands at £344/sq.ft (March ’24 & Feb ’24 both at £339/sq.ft & Jan ’24 to £331/sq.ft)

· Listings for last week (Week 15) bounced back 24.3% from last week’s figure (because of Easter)

· Total Gross Sales YTD are 10.5% higher than 2023 YTD levels and 6.7% higher than 2017/18/19 levels. The best week for sales in the Uk since May 2023

· Net Sales last week 33.1% higher than Week 15 2023, and 13.4% higher the 2024 weekly average

· Sale fall-throughs still at just over 1 in 5 sales.

🔗 YouTube Link to The Show - https://youtu.be/7x2Njmy9hYM

Chris’s In-Depth Analysis (Week 15) :

* New Properties to Market: The UK saw 37,663 new listings. This year's YTD listings stand at 514,249, 9.9% higher than the historical 8 year YTD average of 467,430 and 9.9% higher YTD 2023.

* Average Listing Price: £446,989 .

* Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: 23.7%. The long-term average is between 16% and 17%. Over valuing in the whole of the UK, higher valuing properties for sale (downsizing) and a lower propensity of London & SE properties to sell causing this.

* Price Reductions: Last week, 21,330 properties saw price reductions, a significant number compared to the 8-year Week 15 average of 12,352. This means 1 in 6.95 properties each month are being reduced (Long term average 1 in 9.9 per month)

* Average Asking Price for Reduced Properties: £394,203.

* Gross Sales: 26,529 properties were sold stc last week (a 24.9% increase from last week’s Gross Sales figures). Yet we had the Easter Weekend week before last.

* Accumulative Gross Sales YTD: The total stands at 350,146, exceeding the average of 328,075 from 17/18/19 and 316,976 in the same week 15 in 2023.

* Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £361,211 .

* Sale Fall Throughs: Slight increase this to 5,747 Always have a jump after the easter holidays). For comparison, 5,022 YTD ’24 average weekly figure & 7,590 weekly sale fall thrus in two months after Truss Budget in Q4 2022.

* Sale Fall Through Rate: Decreased from last week, to 21.66% for the week (8 years average is 24.8%)

* Net Sales increase from last week’s figure to 20,782. YTD ’24 average 18,322

* Accumulative Net Sales YTD: The total stands at 274,823, 4% higher the 17/18/19 YTD Net sales average and 12.9% higher than the YTD figure for 2023 for Net Sales (2023 YTD : 243,441).

* Change in Resi Sales Stock levels by Region

·      East Midlands 16.9% Growth
·      East of England 14.0% Growth
·      Inner London 3.8% Growth
·      North East 9.0% Growth
·      North West 11.3% Growth
·      Northern Ireland 6.2% DROP
·      Outer London 3.8% Growth
·      Scotland 7.4% Growth
·      South East 11.0% Growth
·      South West 19.1% Growth
·      Wales 14.5% Growth
·      West Midlands 14.1% Growth
·      Yorkshire & Humbs 17.3% Growth


* Change in Rental Stock coming on the market - March 2024 vs March 2019

·       Inner London -12.89%
·       Outer London -24.99%
·       South East -38.65%
·       East Anglia -33.53%
·       South West -37.75%
·       East Mids -13.37%
·       West Mids -30.01%
·       North West -35.76%
·       North East -58.53%
·       Yorks & Humber -30.54%
·       Northern Ireland -57.48%
·       Wales -45.56%
·       Scotland -38.60%
·       UK Average -30.09%


This week’s local focus is on Sheffield

Christoph