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The UK housing market showed signs of a further slowdown last week, with analysts Ian MacKenzie and Chris Watkin saying the housing market could be hurting as rising borrowing costs hit new buyer inquiries. activity is expected to remain weak.
The two discussed the state of the property market at the latest UK property market statistics show.
They reflected on how difficult it is for realtors to move from sale to replacement to completion at this time, among other issues related to the industry.
Key figures for the UK property market this week (Monday 10th July to Sunday 16th July 2023):
+ New listings on the market: 34,682 weekly. The consecutive weekly average for 2023 is 32,963.
+ Average listing price: £436,421. The 2023 consecutive weekly average is £434,300.
+ Price reduction: 24,026. The consecutive weekly average for 2023 is 19,126.
+ Average asking price of property to be reduced: £423,133. The 2023 consecutive weekly average is £407,622.
+ Number of properties sold (total turnover): 21,610. The consecutive weekly average for 2023 is 22,303.
+ Average asking price of STCs sold this week: £361,664. The weekly average for 2023 is £359,765.
+ Failed sales: 6,350. The consecutive weekly average for 2023 is 5,275.
+ Sale fall-through rate. Weekly sales decline as a percentage of total sales: 29.38% Weekly average in 2023 is 24.4%. (i.e. this week.. the down through sales number was 6,350 and the agreed sales number was 21,610 i.e. 6,350 expressed as a percentage of 21,610 is 29.4%)
Finally, the last 20 minutes of the show discuss Wigan’s property market in detail.