Trends in the East of England Property Market - A Weekly Analysis for 2023
Welcome to our weekly blog where we delve into the property market trends in the East of England Property Market. In this edition, we will compare the data for the week to the weekly average of 2023, providing valuable insights into the housing market in the region.
South East New Instructions 5,420
South East New Instructions Ave Listing Price £511,001
YTD weekly average 5,442 listings at £531,595
South East Price Changes 4,534
South East Price Changes (Ave Asking Price) £452,108
YTD weekly average 3,717 price changes at £456,374
South East Sale Agreed's (SSTC) 3,359
South East Sale Agreed (Ave Asking Price) £484,155
YTD weekly average 3,482 sales at £473,819
South East Sales Fallen Through 1,119
YTD weekly average 904 sales fallen thru
South East % Sales that fell thru 33.31%
YTD weekly average 26.79% sales fallen thru
South East % Diff Listing & Sale Price 5.54%
YTD weekly average 12.16% ave % Diff
New Instructions:
During the week under review, there were 5,420 new property instructions in the South East. This number is slightly below the YTD (Year-To-Date) weekly average of 5,442. It indicates that the rate of new properties coming onto the market has remained relatively stable throughout the year. With the average listing price at £511,001, sellers seem to be pricing their properties competitively, possibly contributing to a consistent influx of new listings.
Price Changes:
The week recorded 4,534 price changes in the South East region, with the average asking price being £452,108. This is very close to the YTD weekly average of 3,717 price changes at £456,374. The minimal variance suggests that sellers are not making significant adjustments to their initial listing prices, indicating a well-balanced pricing strategy in the market.
Sale Agreed (SSTC):
South East England witnessed 3,359 sales agreed (subject to contract) during the week, with an average asking price of £484,155. This figure closely aligns with the YTD weekly average of 3,482 sales at £473,819. The consistent number of SSTC agreements indicates a steady demand for properties in the region, with buyers willing to meet the asking prices set by sellers. This shows a resilient housing market.
Sales Fallen Through:
Despite the healthy market activity, there were 1,119 sales that fell through during the week. Comparatively, the YTD weekly average of 904 sales falling through indicates a slightly higher number of deals collapsing. However its worth bearing in mind there has been a lot of activity with new instructions and sales being agreed. This could be attributed to various factors, such as buyer financing issues or survey-related problems. Buyers and sellers should remain cautious and proactive in addressing potential concerns to reduce the chances of a sale falling through.
Percentage of Sales That Fell Through:
The percentage of sales that fell through during the week was 33.31%. This is notably higher than the YTD weekly average of 26.79%. The increased rate of sales collapsing could be a temporary fluctuation or a sign of the market becoming more challenging, emphasizing the importance of thorough property inspections and due diligence for all parties involved.
Percentage Difference Between Listing & Sale Price:
The average percentage difference between the listing price and the final sale price during the week was 5.54%. This figure is considerably lower than the YTD weekly average of 12.16%. A smaller gap between the listing and sale price suggests that sellers and buyers are finding common ground, leading to more successful negotiations and potentially faster transaction times.
Conclusion:
The real estate market in South East England remains dynamic and resilient in 2023. The number of new instructions and price changes is consistent with the YTD averages, indicating a stable market. While the number of sales agreed is also steady, there has been an increase in the percentage of sales falling through, warranting extra caution during the transaction process. However, the reduced percentage difference between listing and sale price suggests that both sellers and buyers are adjusting their expectations, resulting in smoother negotiations.
As the year progresses, it will be essential to keep a close eye on market trends to make informed decisions in this ever-evolving real estate landscape.
Let's see what happens this week.
Any questions or would like to pick my brains about the market or wish for some advice please give us a call all or click the links at the bottom of this page.
Thanks for reading.
Michael Hollamby
Hollamby Mackay Bespoke.
Part of the Guild of Property Professionals with a 800-strong network across the UK.
Instant Valuation - Click Here
A quick online valuation
Social Distance Valuation - Click Here
Send us images or videos of your home. We will produce a report giving you comparable evidence without visiting.
Book a Home Consultation - Click Here
We will come and see you, dive deeper into stats and give you advice on how to achieve the best outcome.