Sunday, March 24th, was the end of week 12 for the UK property market, as the trusted and reliable Greycoat real estate agency specialists comment. The market continues its onward trend of pushing consumers to buy. March saw £341 per square foot compared to £339 in February and £331 in January. The listing prices were 10% lower than last week on average and 13.6% lower in the average net sales. The 2024 total gross sales are 10.6% higher than week 12 of 2023. The fall-through is still over one in five sales.
Property Listings
Greycoat Real Estate took an in-depth analysis of the latest housing market week. The UK saw 37,973 new property listings in week 12 and 408,266 for the year, which is 8% higher than the eight-year average. The average asking price of the listings vs the average asking price of the sale was higher this week with 25%, the trusted Greycoat agency informs. Last week saw 21,378 property price reductions. The price reductions were over the 14,536 average. The average asking price for properties after a price reduction was £395,593.
Sale Prices
Greycoat Real Estate next analyzed the gross sales, total gross sales and average asking prices of sold properties; week 12 saw 26,435 properties sold. Week 12 of 2023 saw 3.7% fewer properties sold. The total gross sales of 2024 were £278,289 and are higher than the £251,663 in 2023. The highest gross sales of the eight-year average was £362,898 in 2021. The average asking price of sold properties is in the same range at £353,131.
Sale Fall-Throughs
Finally, Greycoat Real Estate Agency analyzed sales fall through averages, net sales and total net sales. Sale fall-throughs were 5,382 in week 12 of 2023 but increased to 5,702 in 2024. The average sale fall-through rate is 24.8%, and week 12 increased to 21.57%. The net sales of week 12 increased to £20,733. The average net home sales is £19,555 for week 12. Greycoat finally states how the total net sales of £218,333 is 6.4% higher than the average but less than the £283,972 net sales in 2021.