Letting & Estate Agent Podcast

Christopher Watkin

About

The Letting & Estate Agents Podcast

Having worked for some of the biggest names in the industry, Christopher now offers advice, actions and opinion in helping letting and estate agents grow their lettings and estate agency's. Christopher has proven methods on how to attract landlords and house sellers and helps many agents, using a technique that is designed (if implemented correctly) to grow any agency's turnover by at least 20% to 30% year on year. Its hard work and it requires buckets loads of patience though

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1245 episodes

How To Create A 5* Customer Service In Your Estate Agency. - Ep. 1822

Jamie Minors is an estate Agent in Norfolk. In his early 30s, this chap has made huge waves in the East Anglian property market alongside his business partner Alex Brady with their Estate Agency Minors & Brady. In this video Jamie talks about How To Create A 5* Customer Service In Your Estate Agency

9m
Mar 28
Proptech Disrupters - Ep.1820

Silvia Eldawi, started her property career with the famous Northfields Estate Agency in West London, going on be become Lettings Director with Lauristons (before they were bought out) then moved to Dubai around 7 years ago. She has managed prestigious properties for various elite clients including royalty and developers. Renowned for her excellence. She's mentored over 750 property professionals globally, focusing on exceptional service and strong networks. Silvia stays ahead of trends and technology, founding PROPOLOGI, Dubai's Real estate podcast which future-proof real estate agent professionals with comprehensive training and support. Her achievements include co-founding a successful proptech startup and winning numerous awards, making her a sought-after speaker and influential figure. In December 2023, she dropped by the WatkinSofa to chat all things Proptech Disrupters

6m
Mar 27
How To Motivate Under Performing Estate Agents Colleagues - Ep.1819

Jamie Minors is an estate Agent in Norfolk. In his early 30s, this chap has made huge waves in the East Anglian property market alongside his business partner Alex Brady with their Estate Agency Minors & Brady. In this video Jamie talks about How To Motivate Under Performing Estate Agents Colleagues

4m
Mar 26
Women In Estate Agency Facebook Group - Ep. 1818

Jo Bourne, Estate & Letting Agency Trainer came to Grantham in January 2024 on the WatkinSofa to chat about the Women In Estate Agency Facebook Group

7m
Mar 24
Women In Senior Roles Of Estate Agency - Ep.1817

Silvia Eldawi, started her property career with the famous Northfields Estate Agency in West London, going on be become Lettings Director with Lauristons (before they were bought out) then moved to Dubai around 7 years ago. She has managed prestigious properties for various elite clients including royalty and developers. Renowned for her excellence. She's mentored over 750 property professionals globally, focusing on exceptional service and strong networks. Silvia stays ahead of trends and technology, founding PROPOLOGI, Dubai's Real estate podcast which future-proof real estate agent professionals with comprehensive training and support. Her achievements include co-founding a successful proptech startup and winning numerous awards, making her a sought-after speaker and influential figure. In December 2023, she dropped by the WatkinSofa to chat all things Women In Senior Roles Of Estate Agency

8m
Mar 23
UK Property Market Stats Show - Week 11 2024 - Ep.1816

The UK Property Market for the week ending Sunday, 17th March 2024 (Week 11) continues its onward journey with regard to decent levels of transactions and house prices achieved. In this week’s UK Property Market Stats Show on YouTube with Rob Smith, the headlines are as follows .. · House Prices on the 68k Sale Agreed homes in March stood at £341/sq.ft (Feb ’24 £339/sq.ft & Jan ’24 to £331/sq.ft) · Listings for last week (Week 11), like last week, are 8% higher than Wk 11 average (2017 to 2024). · Total Gross Sales YTD are 10.6% than 2023 YTD levels & 8.9% higher than 2017/18/19 levels · Net Sales last week 10.6% higher than Week 11 2023 · Sale fall-throughs drop slightly to just under 1 in 5 sales. 🔗 YouTube Link to The Show - https://youtu.be/jezs6YiQGzY Chris’s In-Depth Analysis (Week 11) : * New Properties to Market: The UK saw 37,791 new listings. This year's YTD listings stand at 370,293, 9.1% higher than the historical 8 year YTD average of 341,086 and 9.1% higher YTD 2023. * Average Listing Price: £441,290. * Average Asking Price of this week’s Listings vs Average Asking Price of the Properties that Sale Agreed this week: Dropped slightly to 21%. The long-term average is between 16% and 17%. * Price Reductions: Last week, 20,320 properties saw price reductions, a significant number compared to the 8-year Week 10 average of 14,435. This means 1 in 7.3 properties each month are being reduced (Long term average 1 in 9.5 per month) * Average Asking Price for Reduced Properties: £397,405. * Gross Sales: 25,718 properties were sold stc last week (a 1.6% increase from last week’s Gross Sales figures). Yet, its was 23,601 for the same week 11 in 2023. Average for 17/18/19 was 23,341 for Week 11 - therefore, all things continue to look well. * Accumulative Gross Sales YTD: The total stands at 251,854, exceeding the average of 231,252 from 17/18/19 and 227,766 in the same week 11 in 2023. * Average Asking Price of Sold STC Properties: Still staying in the £350k/£360k range at £363,682. * Sale Fall Throughs: Reduced to medium medium trend levels this week at 5,049, still below than the 2023 whioe of year average of 5,382 weekly fall-throughs and 7,590 weekly sale fall thrus in two months after there Truss’onomics Budget in Q4 2022. * Sale Fall Through Rate: Dropped slightly from last week, continuing its medium term downward trend at 19.63% for the week (8 years average is 24.8%) * Net Sales up 3.8% from last week’s figures at 20,669 for the week, above the 17/18/19 average of 18,819 for Week 11. * Accumulative Net Sales YTD: The total stands at 197,600, 6.4% higher the 17/18/19 YTD Net sales average and 14.1% higher than the YTD figure for 2023 for Net Sales (2023 : 173,116). This week’s local focus is on Milton Keynes This week's Graphs and Charts for personal use - https://we.tl/t-8qIL5jTBDZ

1h 14m
Mar 22
What Can French Estate Agents Teach The British? Ep. 1815

Clément Delpirou is the President of iAd, one of Europe's largest Estate Agency groups. He came to London in November 2023 and I caught up with him and Lee O'Brien in London. In this chat I chatted with Lee about what the French can teach the British about Estate Agency NB - As everyone knows, nobody pays to go onto the WatkinSofa. Clément was in London for 24 hours, so time did not allow him to travel to Grantham. Therefore, I travelled to London to interview him and Lee O'Brien from iAd. The cost the film crew (Matt and Nick), the editing costs and train tickets were covered by iAd. I set the questions and no special treatment was given to iAd because of this. I was not paid for my time.

3m
Mar 21
What Can French Estate Agents Teach The British? Ep.1815

Clément Delpirou is the President of iAd, one of Europe's largest Estate Agency groups. He came to London in November 2023 and I caught up with him to chat about what the French can teach the Brits about Estate Agency NB - As everyone knows, nobody pays to go onto the WatkinSofa. Clément was in London for 24 hours, so time did not allow him to travel to Grantham. Therefore, I travelled to London to interview him and Lee O'Brien from iAd. The cost the film crew (Matt and Nick), the editing costs and train tickets were covered by iAd. I set the questions and no special treatment was given to iAd because of this. I was not paid for my time.

3m
Mar 21
Estate Agents Who Are Overlooked For A Promotion Or Payrise - Ep.1814

Silvia Eldawi, started her property career with the famous Northfields Estate Agency in West London, going on be become Lettings Director with Lauristons (before they were bought out) then moved to Dubai around 7 years ago. She has managed prestigious properties for various elite clients including royalty and developers. Renowned for her excellence. She's mentored over 750 property professionals globally, focusing on exceptional service and strong networks. Silvia stays ahead of trends and technology, founding PROPOLOGI, Dubai's Real estate podcast which future-proof real estate agent professionals with comprehensive training and support. Her achievements include co-founding a successful proptech startup and winning numerous awards, making her a sought-after speaker and influential figure. In December 2023, she dropped by the WatkinSofa to chat all things Estate Agents Who Are Overlooked For A Promotion Or Payrise

7m
Mar 20
How To Recruit, Train And Keep The Best Estate Agents - Ep.1813

Jamie Minors is an estate Agent in Norfolk. In his early 30s, this chap has made huge waves in the East Anglian property market alongside his business partner Alex Brady with their Estate Agency Minors & Brady. In this video Jamie talks about How To Recruit, Train And Keep The Best Estate Agency colleagues (Negs & Valuers etc)

8m
Mar 18
Does The UK Need Another Self Employed Estate Agency Model? Ep.1812

I asked Lee O'Brien from iAd if the UK needed another self employed estate agency model

11m
Mar 17
Why Don't Facebook Ads Work For Estate Agents Anymore - Ep.1811

James Cocker is a guru of all things Facebook Ads for Estate & Letting Agents - that's all you need to know really. James came down to Grantham, the G'Town, the 'Tham in Autumn 2023

13m
Mar 16
UK Property Market Stats Show - Week 10 2024 - Ep.1810

The UK Property Market for the week ending Sunday, 10th March 2024 (Week 10) continues on a good track with regard to transaction levels and house prices achieved. In this week’s UK Property Market Stats Show on YouTube with Iain White, the headlines are as follows .. · House Prices on the 34k Sale Agreed homes in March stood at £341/sq.ft (February £338.77/sq.ft & Jan ’24 to £331/sq.ft) · Listings for last week (Week 10), like last week, are 9% higher than Wk 10 average (2017 to 2024). · Total Gross Sales YTD are 10.8% than 2023 YTD levels & 8.8% higher than 2017/18/19 levels · Net Sales last week 8.4% higher than Week 10 2023 · Sale fall-throughs creep up slightly to just over 1 in 5 sales. 🔗 YouTube Link to The Show - https://youtu.be/jezs6YiQGzY Chris’s In-Depth Analysis (Week 10) : * New Properties to Market: The UK saw 37,903 new listings. This year's YTD listings stand at 332,502, 8.7% higher than the historical 8 year YTD average of 306,014 and 8.8% higher YTD 2023. * Average Listing Price: £440,688 . * Listing vs Sale Agreed Prices: The difference continues to hang around like bad smell at 23% mark. The long-term average is between 16 and 17%, so something this high continues to concern me. * Price Reductions: Last week, 19,623 properties saw price reductions, a significant number compared to the 8-year Week 10 average of 14,955. This means 1 in 8 properties each month are being reduced. * Average Asking Price for Reduced Properties: £398,297. * Gross Sales: Impressively, 25,313 properties were sold stc last week (a 3.9% drop from last week’s Gross Sales figures. However, Its was 23,417 for the same week 10 in 2023. Average for 17/18/19 was 22,719 for Week 10 - therefore, all things continue to look well. * Accumulative Gross Sales YTD: The total stands at 226,136, exceeding the average of 207,911 from 17/18/19 and 204,165 in the same week 10 in 2023. * Average Asking Price of Sold STC Properties: Stubbornly staying in the mid/late £350k range for months at £359,155. * Sale Fall Throughs: Back to normal medium levels this week at 5,398, still below than the 2023 while of year average of 5,382 weekly fall-throughs and 7,590 weekly sale fall thrus in 2 months after there Truss’onomics Budget in Q4 2022. * Sale Fall Through Rate: Picked up slightly from last week, yet still only back to its medium term downward trend at 21.33% for the week (8 years average is 24.8%) * Net Sales down 5.8% from last week’s figures at 19,915 for the week, above the 17/18/19 average of 18,263 for Week 10. * Accumulative Net Sales YTD: The total stands at 176,931, 6.0% higher the 17/18/19 YTD Net sales average and 14.6% higher than the YTD figure for 2023 for Net Sales (2023 : 154,430). Local Focus This week’s local focus is on Chesterfield Watkin’s Thoughts Steady as she goes is the order of the day for listings and sales … but (there is always a but!) Of 238,897 properties that have left Estate Agent’s books since 1st January 2024, only 120,211 (or 50.32%) have exchanged contracts and Agents therefore been paid on them. The others 118,686 were withdrawn with the agent paying all that money in marketing expenses, for them not to earn one penny. (In London that drops to 37.8% of properties being exchanged) So whilst the market is doing OK, remember, it’s it isn’t 2021. Don’t overvalue (or if you do, get it down after 3 or 4 weeks maximum), and get the home sold. Charts (for personal use and not for social media) - https://we.tl/t-3QkQZL4SX5

1h 0m
Mar 15
Work - Life Balance In Estate And Letting Agency - Ep.1809

Toby Martin dropped by the WatkinSofa in the Autumn of 2023. Toby Martin is a top chap, a lettings expert from Bath, Propertymark Regional Executive, Husband & father, Mentor and 'That Video Guy' to chat all things work - life balance in Estate & Letting Agency

4m
Mar 14
What Future Does The Self Employed Estate Agency Model Look Like In The Next 10 Years - Ep. 1808

Chris Webb came to Grantham to sit on the Watkinsofa in the Autumn of 2023 to chat about the Future of Self Employed Estate Agency Model In The Next 10 Years

9m
Mar 13
Ethical Recruitment In Self Employed Estate Agency - Ep.1808

Clément Delpirou is the President of iAd, one of Europe's largest Estate Agency groups. He came to London in November 2023 and I caught up with him to chat about ethical recruitment in self employed estate agency NB - As everyone knows, nobody pays to go onto the WatkinSofa. Clément was in London for 24 hours, so time did not allow him to travel to Grantham. Therefore, I travelled to London to interview him and Lee O'Brien from iAd. The cost the film crew (Matt and Nick), the editing costs and train tickets were covered by iAd. I set the questions and no special treatment was given to iAd because of this. I was not paid for my time.

4m
Mar 12
Why Do Estate Agents Keep Asking For Free Vals - Ep.1807

James Cocker is a guru of all things Facebook Ads for Estate & Letting Agents - that's all you need to know really. James came down to Grantham, the G'Town, the 'Tham in Autumn 2023

4m
Mar 11
Mum Guilt And Imposter Syndrome - Ep. 1806

Jo Bourne, Estate & Letting Agency Trainer came to Grantham in January 2024 on the WatkinSofa to chat about Mum Guilt And Imposter Syndrome

5m
Mar 10
Top Tips For Running A Successful Landlord Buy-To-Let Evenings - Ep. 1805

Toby Martin dropped by the WatkinSofa in the Autumn of 2023. Toby Martin is a top chap, a lettings expert from Bath, Propertymark Regional Executive, Husband & father, Mentor and 'That Video Guy' to chat all things landlord evening for buy-to-let landlords

4m
Mar 09
UK Property Market Stats Show - Week 9 2024 - Ep.1804

The UK Property Market for the week ending Sunday, 3rd March 2024 (Week 9) continues on a good track with regard to transaction levels and house prices achieved. In this week’s UK Property Market Stats Show on YouTube with Bryan Mansell, the headlines are as follows .. · House Prices on Sale Agreed homes in February £338.77/sq.ft (Jan ’24 to £331sq.ft) · Listings for last week (Week 9), like last week, are 10% higher than Wk 9 average (2017 to 2024). · Total Gross Sales YTD are 11.1% than 2023 YTD levels & 8.4% higher than 17/18/19 levels · Net Sales last week 14.5% higher than Week 9 2023 · Sale fall-throughs dip to below 1 in 5 sales. 🔗 YouTube Link to The Show https://youtu.be/txjLU4-L-ZQ Chris’s In-Depth Analysis (Week 9) : * New Properties to Market: The UK saw 37,447 new listings. This year's YTD listings stand at 294,599, 8.6% higher than the historical 8 year YTD average of 271,118. * Average Listing Price: £435,874. * Listing vs Sale Agreed Prices: The difference stands at 23%. The long-term average is between 16 and 17%, so something this high continues to concern me. * Price Reductions: Last week, 19,665 properties saw price reductions, a significant number compared to the 8-year Week 9 average of 13,945. This means 1 in 8 properties each month are being reduced. * Average Asking Price for Reduced Properties: £398,818. The important thing here is to analyse the asking price of properties coming on the market vs average asking price of properties being reduced vs average asking price of properties being sold stc. * Gross Sales: Impressively, 26,373 properties were sold stc last week. Its was 23,208 for the same week 9 in 2023. Average for 17/18/19 was 23,080 for Week 9 - therefore, all things looking well. * Accumulative Gross Sales YTD: The total stands at 200,823, exceeding the average of 185,132 from 17/18/19 and 180,748 in the same week 9 in 2023. * Average Asking Price of Sold STC Properties: Holding steady at £355,424, continuing to mirror the latter half of 2023. * Sale Fall Throughs: Back to normal medium levels this week at 5,224, still below than the 2023 while of year average of 5,382 weekly fall-throughs and 7,590 weekly fall thrus in 2 months after there Truss’onomics Budget in Q4 2022. * Sale Fall Through Rate: Back to its medium term downward trend at 19.81% for the week (8 years average is 24.8%) * Net Sales at 21,149 for the week, above the 17/18/19 average of 18,800 for Week 9. * Accumulative Net Sales YTD: The total stands at 157,016, 105.7% of the 17/18/19 average. The YTD figure for 2023 for Net Sales 136,063. * House Prices on Sale Agreed homes for whole February finished at £338.77/sq.ft (based on 82,912 UK properties sold stc / sale agreed). For comparison, it was £326.71/sq.ft in Q4 2023 and £329.74/sq.ft in whole of 2023.

55m
Mar 08
Fees In Estate Agency - Ep.1803

Caught ups with Lee O'Brien from iAd about fees in UK Estate Agency

2m
Mar 06
How Can Estate Agents Grow Their Agency Using Social Media - Ep.1802

James Cocker is a guru of all things Facebook Ads for Estate & Letting Agents - that's all you need to know really. James came down to Grantham, the G'Town, the 'Tham in Autumn 2023

11m
Mar 04
How Video Grew My Lettings Agency - Ep. 1801

Toby Martin dropped by the WatkinSofa in the Autumn of 2023. Toby Martin is a top chap, a lettings expert from Bath, Propertymark Regional Executive, Husband & father, Mentor and 'That Video Guy' to chat all things video in his Lettings Agency and how its helped him grow it

9m
Mar 03
The One Mistake Agents Make When Starting Their Own Agency - Ep.1800

Chris Webb came to Grantham to sit on the Watkinsofa in the Autumn of 2023 to chat about the one mistake Estate Agents make when starting their own Agency

7m
Mar 02
UK Property Market Stats Show - Week 8 Of 2024 - Ep.1799

Despite the doom mongers, the UK Property Market for the week ending Sunday, 25th February 2024 (Week 8), is doing rather well regarding transaction levels and prices achieved. In this week’s UK Property Market Weekly Report on YouTube with Ben Madden, the headlines are as follows .. · House Prices on Sale Agreed homes in February £340/sq.ft (Jan ’24 to £331sq.ft) · Listings for last week (Week 8) are 10% higher than Wk 8 average (2017 to 2024). · Gross sales YTD are 10.7% than 2023. · Net sales last week - 13.7% higher than the 2023 Week 8 2023 level · Sale fall-throughs at 1 in 5 sales. 🔗 YouTube Link to The Show https://youtu.be/weIdNFKQsu0 Chris’s In-Depth Analysis (Week 8) : * New Properties to Market: The UK saw 36,133 new listings (9.8% higher than the 8-year average for Week 8 is 32,002). This year's YTD listings stand at 257,152, more than the historical 8 year YTD average of 237,035. * Average Listing Price: £442,980. * Listing vs Sale Agreed Prices: The difference stands at 26%. The long-term average is between 16 and 17%, so something is higher as this is slightly concerning * Price Reductions: Last week, 19,240 properties saw price reductions, a significant number compared to the 8-year average of 13,528. This means 1 in 8 properties each month. That is not enough. * Average Asking Price for Reduced Properties: At £390,507, this shows me the lower to mid price properties are being reduced. * Gross Sales: Impressively, 25,437 properties were sold stc last week. Its was 22,654 for the same week in 2023. Average for 17/18/19 is 23,221 for Week 8 * Accumulative Gross Sales YTD: The total stands at 174,450, exceeding the average of 162,112 from 17/18/19 and 157,540 in the same week in 2023. * Average Asking Price of Sold STC Properties: Holding steady at £350,459, continuing to mirror the latter half of 2023. * Sale Fall Throughs: Back to normal medium levels this week at 5,179, still below than the 2023 average of 5,382 weekly fall-throughs and 7,590 weekly fall thrus in there 8 weeks after the Truss Budget * Sale Fall Through Rate: Back to medium term levels of 20.36% * Net Sales at 20,258 for the week, 13.7% higher than 2023 levels for Week 8 in 2023 and above the 17/18/19 average of 19,008 for Week 8. * Accumulative Net Sales YTD: The total stands at 135,867, 104.7% of the 17/18/19 average. The YTD figure for 2023 for Net Sales 117,598 * House Prices on Sale Agreed homes in February stand at £340/sq.ft (based on 99,454 UK properties sold stc / sale agreed). For comparison, it was £327/sq.ft in Q4 2023 and £329/sq.ft in whole of 2023. Watkin’s Thoughts .. Let us all not forget that UK Estate Agents only got paid on 50% of their listings in 2023 (52.8% to be exact) Estate agents need to grapple with the stark reality that only just over half of the properties that left the books of agents, they actually get paid on (the other 47.2% were withdrawn) Many of the reasons on why this is so low stem from within our own industry. From the competitive frenzy of winning instructions to the pitfalls of offering misguided over valuations to secure a listings bonus or get one over the competition, to ineffective dull marketing strategies, Estate agents need to elevate their practices, adopt innovative marketing tactics, and provide unparalleled advice that truly resonates with sellers' needs. These stats show we need to be realistic with ours and our clients expectations and craft compelling marketing campaigns which can significantly increase your chances of success, ensuring you're not just participating in the property market but leading it. All the Graphs and Charts are available here for personal use and at the valuation (yet not on social media) https://we.tl/t-k1dYDmF0Ot

1h 16m
Mar 01
Should Self Employed Estate Agency Models Take On Non-Agents? Ep.1798

Clément Delpirou is the President of iAd, one of Europe's largest Estate Agency groups. He came to London in November 2023 and I caught up with him to chat about non-estate agents becoming self employed estate agents. NB - As everyone knows, nobody pays to go onto the WatkinSofa. Clément was in London for 24 hours, so time did not allow him to travel to Grantham. Therefore, I travelled to London to interview him and Lee O'Brien from iAd. The cost the film crew (Matt and Nick), the editing costs and train tickets were covered by iAd. I set the questions and no special treatment was given to iAd because of this. I was not paid for my time.

10m
Feb 28
Corporate Estate Agents Banned From Social Media - Ep.1797

Silvia Eldawi, started her property career with the famous Northfields Estate Agency in West London, going on be become Lettings Director with Lauristons (before they were bought out) then moved to Dubai around 7 years ago. She has managed prestigious properties for various elite clients including royalty and developers. Renowned for her excellence. She's mentored over 750 property professionals globally, focusing on exceptional service and strong networks. Silvia stays ahead of trends and technology, founding PROPOLOGI, Dubai's Real estate podcast which future-proof real estate agent professionals with comprehensive training and support. Her achievements include co-founding a successful proptech startup and winning numerous awards, making her a sought-after speaker and influential figure. In December 2023, she dropped by the WatkinSofa to chat all things Corporate Estate Agents Banned From Social Media

3m
Feb 26
Why Should Estate & Letting Agents Join Propertymark Ep.1796

Toby Martin dropped by the WatkinSofa in the Autumn of 2023. Toby Martin is a top chap, a lettings expert from Bath, Propertymark Regional Executive, Husband & father, Mentor and 'That Video Guy' to chat all things Propertymark

3m
Feb 25
Jamie Minors - My Estate Agency Story - Ep. 1795

Jamie Minors is an estate Agent in Norfolk. In his early 30s, this chap has made huge waves in the East Anglian property market alongside his business partner Alex Brady with their Estate Agency Minors & Brady. In this video Jamie talks about his estate Agency Story

53m
Feb 24
UK Property Market Stats Show - Week 7 2024 - Ep.1794

UK House Prices & Property Market at Record Levels. This week’s UK Property Market Weekly Report on YouTube for the week ending Sunday, 18th February 2024 (Week 7), presents a continued robust picture of the UK Property Market. · House Prices on Sale Agreed homes in February £339/sq.ft (Jan ’24 to £331sq.ft) · Listings for last week (Week 7) are 4% higher than Wk 7 average (2017 to 2024). · Gross sales last week 15% higher the weekly YTD 2024 average (and 18% higher than the 2023 weekly average) · Net sales last week - 31% higher than the 2023 weekly average · Sale fall-throughs drop to record lows at 1 in 6 sales. 🔗 YouTube Link to The Show with Kristian Stott https://youtu.be/qaEn1DOlKVo Chris’s In-Depth Analysis (Week 7) : * New Properties to Market: The UK saw 33,649 new listings (the 8-year average for Week 7 is 32,104). This year's YTD listings stand at 221,019, surpassing the historical 8 year YTD average of 204,133. * Average Listing Price: A key figure of £416,214 . * Listing vs Sale Agreed Prices: The difference stands at 17.1%. * Price Reductions: Last week, 17,942 properties saw price reductions, a significant number compared to the 8-year average of 13,537. This means 1 in 8 properties each month. Is that enough? I don’t believe so. * Average Asking Price for Reduced Properties: At £388,392 , this shows me the lower to mid price properties are being reduced. * Gross Sales: Impressively, 24,587 properties were sold stc last week. Average for 17/18/19 is 23,167 for Week 7 * Accumulative Gross Sales YTD: The total stands at 149,013, exceeding the average of 138,891 from 17/18/19. * Average Asking Price of Sold STC Properties: Holding steady at £355,427, mirroring the latter half of 2023. * Sale Fall Throughs: Really low this week at 4,171, this is encouragingly lower than the 2023 average of 5,382 weekly fall-throughs. * Sale Fall Through Rate: Slumped to 16.96%, levels not seen since for years. As you can see from the graph, this is a downward trend that started Spring 2023 * Net Sales at 20,416 for the week, above the 17/18/19 average of 19,054 for Week 7. * Accumulative Net Sales YTD: The total stands at 115,609, 104.3% of the 17/18/19 average * House Prices on Sale Agreed homes in February stand at £339/sq.ft (based on 65,539 UK properties sold stc / sale agreed). For comparison, it was £327/sq.ft in Q4 2023 and £329/sq.ft in whole of 2023. Watkin’s Thoughts .. The British property market has experienced a surprisingly strong start in the initial two months of the year, buoyed by mortgage rates dipping to around 4%, enticing those who had paused their moving plans in 2023 to plan their home moves. This trend suggests a potential increase in transactions, potentially 1.05 to 1.1 million in 2024, which will be 8% to 13% rise from 2023. However, I must stress to Estate Agents that they need to exercise caution, as inflation persists and mortgage rates are still not set in concrete. We have a General Election this year and buyers are still mindful of pricing, with sellers adjusting their expectations to stimulate interest. Transaction volumes are crucial, with new sales agreed (SSTC) up by 10.4% compared to year to date last year. The markets that have seen the best growth are Outer London at 23.1%, the South East 23.3% and Inner London at 30.2%. This surge in activity is encouraging more sellers to enter the market, with YTD listing rates at their highest in eight years (8.27% higher than 8 year average), offering more options to buyers and helping to moderate price increases.

1h 8m
Feb 23