15 stats shaping the current property market
Did the traditional summer lull materialise? Have house prices increased? Are tenants paying more to rent a property? Did the base rate cut spark a property stampede?
Thankfully, there are a bank of analysts who have the answers to these questions.
The following stats and facts provide a great snapshot of the sales and lettings market as we head towards the final quarter of 2024. If there’s anything you’d like to discuss, NRLA partner, Viewber is ready to discuss.
£266,400: is how much the UK’s average property costs, according to Zoopla’s latest house price index. Property prices have risen 0.5% on a ‘year to date’ basis but portal expects the average UK house price to rise by 2.5% by the end of 2024.
19: that’s the percentage by which buyer demand jumped after the Bank of England cut the base rate to 5%, when comparing the same point in August 2024 versus 2023. The statistic was compiled by Rightmove, who continuously monitors sales market sentiment. For comparison, the increase in buyer demand in July 2024, versus buyer demand in July 2023, was 11%.
34,008: that’s how many new properties were listed on the UK sales market during the week ending 18th August. The figure, published by Property Industry Eye and collated by Chris Watkins, is around 10% higher than what was expected. New listings this year – currently at 1,164,435 and counting – are 9.3% higher than the historical 8 year ‘year to date’ average.
18,500: this is the number of net sales in the week ending 18th August. This volume was 28% higher than the number of sales during the same week in 2023. Additionally, the current number of ‘year to date’ net sales is 11.9% higher now compared to the ‘year to date’ figure from 2023.
25.5%: that’s the percentage of homes sales that fell through in the week ending 18th August. The figure is edging downwards and closer to its seven year average again, which is 24.2%. For context, the average fall through rate was 40%+ in the two months following the Truss Budget of Autumn of 2022.
1.4%: that’s the percentage by which property prices have risen in the last seven months, according to Zoopla’s August House Price Index. Every house type monitored – terraced, semi-detached, detached and flats –all rose in value between the portal’s last monitoring period.
1.6%: that’s how much the cost of an average first-time buyer home has risen in a year, when comparing values in August 2024 to August 2023. Rightmove classifies a typical first-time buyer home as a property with no more than two bedrooms. Today’s average asking price for a starter home is £227,19.
3.5%: that’s the percentage the average new build home has increased by over the last five years. The figure, compiled by Benham and Reeves, comes shortly after the new Labour Government promise to deliver 371,541 new homes per year.
28: that’s the number of days Zoopla says it takes for an accurately priced home – one that has not required a price reduction – to sell.
73: that’s the number of days it takes to sell a property where the vendor has had to reduce the asking price by 5% or more.
39: that’s the percentage by which property auction sales are up, according to iamproperty. The proptech firm, which has been monitoring auction data between January and July since 2019, also said the percentage of sales by modern method of auction is rising. Around 33% of homes have been sold by modern method of auction since 2019 but already so far in 2024, that figure is 44%.
£1,232: that’s the average amount a tenant is expected to pay each month when renting a property in the UK. The figure, released as part of Zoopla’s latest rental index, tells us rents have risen by just 1.6%, which is the lowest increase seen since 2021.
17: that’s the number of tenants that are chasing every available property to rent. Although it doesn’t match the mad scramble witnessed during the pandemic, it is double the pre-covid average seen between 2017-2019. 17 is also the percentage at which the supply of rental homes available per estate agent has increased in the last year.
60%: that’s the percentage of landlords who are keen to grow their rental portfolio due to ongoing demand. The survey by Paragon Bank also found 54% of landlords are looking to add properties to their portfolios as a way of boosting their retirement income, while 47% feel long-term house price appreciation is a reason to add buy-to-lets. An additional 34% prefer property as an investment asset over other options.
95%: that’s the percentage of building surveyors, recovery experts, landlords, investors and developers who think the Government’s aim of meeting a proposed minimum EPC rating of C in the private rental sector is unachievable. Those responding to the Landwood Group survey said such an introduction could have ‘damaging repercussions’ for the lettings market.
Autumn’s home moving peak is looming and Viewber is ready to assist with property viewings, visits and inspections.
