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The Premium Property Market in January Over the Years - Simon Gates. Edition 6

The property market in 2023 saw a decline of 8.3%, with 60,260 fewer property millionaires, totaling 670,100 homes. Britain’s £1 million home market depreciated from £1.43 trillion in 2022 to £1.32 trillion.
The Premium Property Market in January Over the Years - Simon Gates. Edition 6
Despite this downturn, there’s a silver lining, with a 28% increase from 2019, equating to 146,490 more properties, according to Savills research.

In this article, I delve into the performance of the premium property market across the UK in January 2024 compared to recent years.

The number of new listings across the whole market was up 17.81% on January 2023, with an even more impressive 22.84% spike in the premium market.

Notably, this increase surpasses the six-year average by 38.99%, compared to 13.16% for the entire market.

This surge in premium listings signals a growing number of sellers in the higher end of the market looking to move home and this is great news for estate agents looking to sell premium properties.

However, listings is one thing, what about the number of sales agreed you ask?

Sales agreed for the whole of the market were up 23.28% on January 2023 and only 0.31% up on the six-year average.

Yet, the higher end of the market out-performed the whole of market for sales agreed as well, with there being a 20.15% rise in the sales agreed compared to January 2023 and a 17.72% increase when compared to the six-year average.

This trend indicates a robust market for premium properties, which not only command higher price tags but also yield higher fees for agents.

Despite this potential, only 35.65% of premium properties listed in 2023 went on to sell, leaving 64.37% withdrawn from the market.

However, industry reports from TwnetyEA and Spectre suggest that approximately 50% of these withdrawn properties will return to the market within two years.

Moreover, there was an 18.06% increase in properties for sale at or above £1 million in January 2024 compared to 2023, and a notable 28.40% rise on the six-year average.

This presents an excellent opportunity for agents to establish themselves as authorities in selling premium properties in their local areas.

For insights on effectively targeting properties currently struggling to sell or those that have been withdrawn from the market, I suggest revisiting my earlier articles.

There, you’ll find valuable strategies to implement in your approach.

I have had some fantastic feedback from agents implementing these strategies to good effect already and hope you can too.

For those still finding it challenging to engage with premium property sellers, consider the quote below from the author of Atomic Habits.

Thank you for reading.

Simon Gates

P.S. I recently posted my first YouTube video providing an update on the UK property market in January 2024 compared to recent years and you can click here to give it a watch.