Property Market Update Week 31

The UK property market cooled last week, with 21,785 homes sold stc. That is a drop of over 11% from last week & below the ten-year Week 31 average of 25,400, yet activity
remains 10.6% ahead of the same point in 2023.

Another 31.5k UK properties came onto the market, taking the 2026 total to more than 1.13 million. Buyers now have 767,307 homes to choose from, meaning sellers face plenty
of competition for attention.

Pricing remains crucial. For every home selling each month, there are seven that don’t. Let’s not forget, only 1 in 2 (50.8%) of properties leaving estate agents’ books
sold (ie the home owner moved), the remaining 49.2%, withdrawing unsold. The average home sold stc last week was priced at £360k, with an average agreed figure of £343 per square foot

The market has not disappeared. It has simply become less forgiving. Homes that launch at a sensible price and are marketed properly can still attract buyers. Those that
test the market too aggressively risk becoming part of next month’s price-reduction statistics.