UK Housing Market Surges in May 2024: Greycoat Real Estate Insight

Greycoat real estate agency specialists talk about the UK’s housing trends. The UK housing property market saw record-breaking gross house sales in the week ending 26th May 2024 – the best 2 weeks since May 2022. Prices of 97,000 houses sold were £348 per square foot, a 5.1% increase on levels seen in January 2024.

With this wave of new inventory entering the property market, Greycoat is in a prime position to assess and acquire high-potential property investment. New property listings hit the third-highest weekly total marketed so far in 2024, suggesting good supply is entering the property market. Total gross sales year-to-date were up 10.2% compared to 2023 and 7.8% higher than the 2017-2019 average.

Overall net sales were 15.4% higher than the 2024 weekly average and the second-best week of sales since late September 2022. Greycoat’s disposition team and investment sales team could capitalize on these high transaction levels. It also seeks out good opportunities to buy and sell in this busy property market. Approximately one in five sales were lost, however, this improved the 40%+ lost sales seen during the economic upheaval in Q4 2022.

The average asking price of the newly marketed property was £459,387, a whopping 24.4% markup on the average sold price – much higher than the usual 16-17% markup. A total of 20,663 properties had price reductions that week. Greycoat assures that this is approximately one in seven properties per month compared to the long-term average of 1 in 9.9 properties per month that see reductions.

At the end of April 2024, there was an inventory stack of 672,000 available properties on the market in the UK. The reliable and fair trusted Greycoat Real Estate Agency could offer much-needed assistance and solutions to investors (Parkeray).
Also, developers, and property owners optimize value in this dynamic environment. They could utilize their buying expertise to seek out opportunities in this boom in sales activity. Their financing team could be beneficial to buyers to take advantage of the pricing upswing. Greycoat brings together the best people and partners to fully guide clients through all phases of the property lifecycle amidst changing conditions like those highlighted in the recent UK market report.