https://www.plumplot.co.uk/house-prices-by-region.html
Yorkshire property prices
The average property price in Yorkshire region is £223k, the median price is £180k. The average price
increased by £6.1k (3%) over the last twelve months. The price of an established property is £222k. The
price of a newly built property is £261k. There were 64.7k property sales and sales dropped by 32.6%
(-33.8k transactions). Most properties were sold in the £100k-£150k price range with 14394 (22.3%)
properties sold, followed by £150k-£200k price range with 13350 (20.6%) properties sold.
February 2022 – January 2023
West Midlands property prices
The average property price in West Midlands region is £270k, the median price is £225k. The average
price increased by £11.5k (4%) over the last twelve months. The price of an established property is £269k.
The price of a newly built property is £296k. There were 61.7k property sales and sales dropped by 34.1%
(-34.4k transactions). Most properties were sold in the £150k-£200k price range with 12906 (20.9%)
properties sold, followed by £200k-£250k price range with 11180 (18.1%) properties sold.
February 2022 – January 2023
Wales property prices
The average property price in Wales region is £231k, the median price is £190k. The average price
increased by £14.1k (6%) over the last twelve months. The price of an established property is £230k. The
price of a newly built property is £296k. There were 36.1k property sales and sales dropped by 30.4%
(-17.0k transactions). Most properties were sold in the £100k-£150k price range with 7953 (22.0%)
properties sold, followed by £150k-£200k price range with 7858 (21.8%) properties sold.
February 2022 – January 2023
South West property prices
The average property price in South West region is £364k, the median price is £301k. The average price
increased by £25.5k (8%) over the last twelve months. The price of an established property is £364k. The
price of a newly built property is £368k. There were 71.0k property sales and sales dropped by 37.8%
(-46.5k transactions). Most properties were sold in the £300k-£400k price range with 15682 (22.1%)
properties sold, followed by £250k-£300k price range with 11142 (15.7%) properties sold.
February 2022 – January 2023
South East property prices
The average property price in South East region is £462k, the median price is £375k. The average price
increased by £29.7k (7%) over the last twelve months. The price of an established property is £463k. The
price of a newly built property is £424k. There were 112k property sales and sales dropped by 37.7% (-72.9k
transactions). Most properties were sold in the £300k-£400k price range with 26025 (23.3%) properties sold,
followed by £500k-£750k price range with 18875 (16.9%) properties sold.
February 2022 – January 2023
North West property prices
The average property price in North West region is £231k, the median price is £186k. The average price
increased by £7.4k (3%) over the last twelve months. The price of an established property is £230k. The
price of a newly built property is £272k. There were 90.1k property sales and sales dropped by 32.2%
(-46.3k transactions). Most properties were sold in the £100k-£150k price range with 19313 (21.4%)
properties sold, followed by £150k-£200k price range with 17870 (19.8%) properties sold.
February 2022 – January 2023
North East property prices
The average property price in North East region is £176k, the median price is £140k. The average price
increased by £98 (0%) over the last twelve months. The price of an established property is £174k. The price
of a newly built property is £258k. There were 30.3k property sales and sales dropped by 29.8% (-13.8k
transactions). Most properties were sold in the £50k-£100k price range with 7928 (26.2%) properties sold,
followed by £100k-£150k price range with 7441 (24.6%) properties sold.
February 2022 – January 2023
East of England property prices
The average property price in East of England region is £396k, the median price is £333k. The average
price increased by £23.5k (6%) over the last twelve months. The price of an established property is £396k.
The price of a newly built property is £397k. There were 74.8k property sales and sales dropped by 38.3%
(-50.0k transactions). Most properties were sold in the £300k-£400k price range with 17849 (23.9%)
properties sold, followed by £400k-£500k price range with 10612 (14.2%) properties sold.
February 2022 – January 2023
East Midlands property prices
The average property price in East Midlands region is £256k, the median price is £222k. The average price
increased by £12.4k (5%) over the last twelve months. The price of an established property is £255k. The
price of a newly built property is £301k. There were 62.6k property sales and sales dropped by 34.4%
(-35.4k transactions). Most properties were sold in the £150k-£200k price range with 13295 (21.3%)
properties sold, followed by £200k-£250k price range with 11568 (18.5%) properties sold.
February 2022 – January 2023
London property prices
The average property price in London region is £718k, the median price is £525k. The average price
increased by £50.9k (8%) over the last twelve months. The price of an established property is £716k. The
price of a newly built property is £761k. There were 76.4k property sales and sales dropped by 34.7%
(-43.7k transactions). Most properties were sold in the £500k-£750k price range with 20730 (27.1%)
properties sold, followed by £400k-£500k price range with 14383 (18.8%) properties sold.
February 2022 – January 2023
- The number of residential property sales decreased by 37% in England and 23% in Wales between the 12 months ending September 2021 and the 12 months ending September 2022.
- The number of detached house property sales decreased by 49% in England and 37% in Wales between the 12 months ending September 2021 and the 12 months ending September 2022; this was the largest decrease of all property types.
Property industry reacts to sharp fall in house sales
Residential property sales dropped by almost a fifth (18%) in February compared with the same month last year, providing yet anaother indication that the housing market is slowing,
According to HM Revenue and Customs (HMRC), 90,340 homes were sold across the UK in February this year, down 4% month-on-month.
Industry reactions:
Frances McDonald, director of residential research at Savills, commented: “Residential property transactions remained subdued in February as the fallout from last year’s mortgage market turmoil continues to feed into completed sales, though numbers remain at more than 90% of their pre-pandemic levels for the month.
“Lead indicators suggest that this slowdown is likely to continue as mortgage approvals in January were -41% below their pre-Covid average for the month, according to the Bank of England. However, total agreed sales remain surprisingly robust, at 93% of their pre-pandemic level in January, according to TwentyCi. This suggests that cash buyers are supporting overall transaction levels and are continuing to take a greater share of the market, particularly at the top end, which is in line with our forecasts for this year.
“Cash buyers are expected to outperform the market as a whole and remain within -14% of their pre-pandemic norm this year before returning to be within -4% of this level by 2025.”
HMRC: UK property transactions down by nearly 20%
The latest data from HMRC reflected the long-lasting effects of the mini-Budget on the UK property market and house prices.
The latest figures show UK house price growth has ground to a halt. Now data from HMRC suggests transaction volumes in the property market are still recovering from the effects of the mini-budget last September.
UK property transactions were down 18% from February last year and 4% lower month-on-month – the worst February figures in a decade.
The market is struggling with lacklustre demand from buyers and a lack of sellers, who seem to be sitting on their hands and waiting for prices to start growing again.
Buyers, in particular, are having to deal with significantly higher borrowing costs than they were a year ago.
I am not sure that this bullish headline in Building magazine is over-optimistic?
Vistry buoys investors as firm says buyer confidence is on the way back
| 22 March 2023 | Full Year 2022 results |
Click to access Vistry-Full-Year%20Results-for-year-ended-31-December2022PressRelease-FINAL.pdf
For the Group overall, we have seen an improving trend on private sales in the first 11 weeks of the
year, with the Group’s average private sales rate per site per week for the year to date at 0.54,
increasing to 0.62 in the last four weeks. We have seen increased consumer confidence from Q4 2022,
particularly as mortgage rates have trended downwards and availability has improved.
Trading performance
The Group delivered a strong operational performance in 2022 with good progress made across all
business areas.
We saw a very strong start to the year with high levels of demand resulting in increased sales rates
and higher house prices. This trend continued throughout the first half and the Group reported an
average weekly private sales rate per outlet in H1 22 of 0.84 (H1 21: 0.76), up 11% on the prior year.
The second half started strong, with our sales performance across both businesses remaining robust
during the typically quieter summer months. There was a step-change in market conditions in the
fourth quarter with the mini-budget delivered on 23 September 2022 heightening macro uncertainty
and leading to a significant increase in mortgage costs. Demand for private sales reduced markedly
with the Group achieving a weekly private sales rate per outlet5 of 0.46 in Q4 2022. For the year as a
whole, the Group achieved a weekly private sales rate of 0.71 (FY21: 0.76). Despite the drop in
demand, our pricing remained firm in the final quarter of 2022.
https://www.house-builder.co.uk/newsletter/view/2587?pk_campaign=newsletter_2587
Carnegie also said sales in the Housebuilding business were likely to decline 20% this year against the year ending December 31 2022. Reporting on its full year results today, Vistry confirmed that Housebuilding completions rose 3.4% to 6,774 homes against 2021.
The shortfall in Housebuilding completions was due to the drop in sales carried over from a “very difficult” Q4 2022, Carnegie said. But during the first 11 weeks of 2023, private sales rates across the group had improved to 0.54 average sales per site per week, rising to 0.62 in the past four weeks.
“This quarter, buyers have been cautious but interested,” Carnegie stated. “This is an indication of a market that is modestly above 2019 levels. Sales were modestly below this level at the start of the year.”
To reach the envisaged volumes, Carnegie said he would need to see a sales rate of 0.55 for the remainder of the year which, he added, was achievable.
He also said last year’s mini-Budget had “accelerated” the direction of the market, with interest rates already on an upward trajectory.
Redrow.
Click to access redrow-half-yearly-report-2023-accessible.pdf
CURRENT TRADING & OUTLOOK
During the uncertain times of the
second quarter it was clear that
maintaining a reasonable sales rate
would be difficult. Therefore, we
reduced our marketing spend and
focused on preparing our new year
campaign, ensuring the appropriate
messaging and incentives to increase
both footfall and reservations. This
campaign has to date achieved our
objective.
We have experienced a positive start
to sales in the second half. Our net
private reservation rate per outlet per
week over the first five weeks of
calendar year 2023 was 0.51
compared to 0.38 for the first half of
the financial year.
Taylor Wimpey
02 March 2023
https://www.londonstockexchange.com/news-article/TW./taylor-wimpey-plc-full-year-results/15858344
Net sales rate for the year of 0.68 homes per outlet per week (2021: 0.91)
Current trading and Outlook
Whilst still early in the year at the start of the Spring selling season, current trading shows some signs of improvement from the fourth quarter of 2022. The year-to-date net private sales rate (w/e 26 February 2023) is 0.62 per outlet per week (2022 equivalent period: 1.02) with the four week average running at 0.66 per outlet per week. This improved sales rate follows recent reductions in mortgage rates, early signs of stabilised customer confidence, usual seasonal trading patterns and the benefit of our focused promotional activity. The cancellations rate was 17% (2022 equivalent period: 14%). The level of down valuations remains low.
While it is encouraging to see an uptick in sales and ongoing robust customer interest in our homes, as previously announced, our reservation rate is significantly lower than in recent years as affordability concerns weigh, particularly for first time buyers, and we have reflected this in our build programmes for the year.
Gleeson Homes
We are encouraged that signs of a recovery in buyer confidence are evident, with reduced cancellations
and increased gross reservations in the last four weeks resulting in net reservations doubling compared
to the ten weeks before Christmas 2022. However, sales rates remain below those typically seen at this
time of year.
Click to access mj-gleeson-plc-interim-results-h1-fy23.pdf
Whilst the pace and strength of recovery over the coming months remains uncertain, having reviewed a
number of scenarios, we are narrowing the range of our full year expectation to between 1,650 and 1,850
homes.
Barrats
11 January 2023
Click to access barratt-developments-1h-fy23-trading-update-final.pdf
Sales rate of 0.44 (HY22: 0.79) net private reservations per active outlet per week1 during the
period with a net reservation rate per average week of 0.30 (HY22: 0.69) for the period from 10
October 2022, our AGM trading update, through to 31 December 2022.
Berkeley
https://www.berkeleygroup.co.uk/investors/regulatory-news
Berkeley’s current trading is in line with the levels identified in the December interim results, in which sales since the
end of September 2022 were around 25% lower than the strong first five months of the financial year. This is a
resilient performance in the context of the market volatility since the end of September and reflects the underlying
demand for quality homes in London and the South East.
Persimmon
Click to access persimmon-full-year-2022-trading-statement.pdf
In line with the broader market, we saw notably weaker customer demand in the second half of the year
as concerns over the economy, mortgage rates and the cost of living weighed heavily on consumer
confidence. Overall in 2022 private net sales were 0.69 per outlet per week for the year (2021: 0.83).
The change in market conditions gathered pace in the final months of the period, with private net sales
reducing to 0.30 per outlet per week in Q4 (Q4 2021: 0.77), with the last 7 weeks of 2022 at 0.19 per
outlet per week (2021: 0.61). The trading performance weakened across all geographies with the
biggest impact on sales seen in our Southern regions. We saw a particularly sharp fall in demand on
those sites where Help to Buy was more widely used once the scheme in England closed for new
applications from 31 October.
As a result of the lower sales rates and elevated cancellations in the second half, and against a strong
comparative at the start of 2022, our forward sales position has reduced year on year to £1.0bn
(2021: £1.6bn), of which £0.5bn relates to private forward sales (2021: £1.1bn).
Sale of Strategic Land Portfolio & Trading Update
25 January 2023
Housebuilding
The Group achieved fewer private home completions during the year than the comparative period, 180 in aggregate (2021: 216), at an average selling price of £304,000 (2021: £262,000), excluding those within joint ventures. The weekly net reservation rate per active sales outlet was 0.89 for the year (2021: 1.09).
The margins in this segment have also been affected by unforeseen costs, cost inflation and extended construction periods partly due to delays in delivery of materials and shortage of labour supply.
The Everything Bubble and the Everything Bust. Prospects for UK Housing and UK Housing Markets.
14 January
Outlook
Recent increases in interest rates, and the removal of mortgage products from the market, has affected sales. The decline in order books is significant and ranges between 24% and 38%.During 2022, private net sales for Persimmon averaged 0.69 per outlet per week. This fell to 0.19 during the last seven weeks of the year. The biggest reductions were observed in those sites where the government’s Help to Buy Scheme, which is now closed for new applications, was most popular.
Barratt Developments saw reservations fall to 0.30 per outlet between 10 October and 31 December 2022. Taylor Wimpey’s sales rate was 0.48 for the second half of 2022, compared to 0.85 for the previous year.
In 2023, the emphasis for Persimmon is on delivering quality returns rather than volume. As with Taylor Wimpey, no indication of expected completions for 2023 has been provided.
The directors of Barratt Developments are forecasting a range of 16,000 to 17,475 new home completions this year, depending on economic conditions.
Historically, sales rates increase in spring, so how the three builders will fare in 2023 will become clearer during the early part of the year.
We can all draw our own conclusions, if one takes the In the long run we are all dead view then a good old-fashioned 1929 swan dive off a tall building might be in order.
Whichever way one cuts it the outlook is poor on both sides of the pond and there are wider financial system obstacles pulling in a negative direction some say we have been in an everything bubble, with an everything bubble does one get the “What goes up must come down ” Everything Bust”If mortgage rates or general interest rates rise further ( or remain at the current elevated levels ) there will be a rout rather than a correction, either way, I no longer foresee a soft landing unless there is a peaceful resolution to the conflict in Ukraine, which I am sadly pessimistic about.)
All of the key indicators point to a continuing level of low activity which will not be compensated for by the current Government policy which is basically pursuing the Austerity seen post-2010 under Osbourne by the coalition Government. ( Truss and Kwarteng were right in the Autumn, probably for the wrong reasons and with the wrong prescription but they were” less wrong ” than Rishi and Hunt are now.)
2 thoughts on “#GoingDirect to GFC Mk2 Reservations per outlet, Sales Incentives , Mortgage Commitments. Mexican Standoff between Sellers and Buyers ( Sticky Prices on the way down.)”