Welcome to the August edition of the Property Market Report! We've collated information from experts from across the UK to provide you with a comprehensive view of the current market.
Despite indications from the Royal Institution of Chartered Surveyors (RICS) and the Bank of England (BOE) that the market is subdued, overall conditions seem stable! Political certainty and anticipation towards the BOE’s recent base rate cut have positively influenced the market, leading to a 15% increase in the number of sales agreed compared to the same period last year.
Nationwide notes that market activity has been steady, with around 60,000 mortgages approved for house purchases per month, although this remains 10% below pre-pandemic levels.
House prices are rising in earnest once more, reversing the falls recorded over 2023. Nationwide reports that the average house price is £266,334 in July (+0.3% m/o/m), while Halifax reports that the average house price is £291,268 (+0.8% m/o/m). Zoopla maintains its prediction that house prices are on track to be 2% higher by the end of 2024.
Asking prices, on the other hand, are experiencing some adjustments. Rightmove reports that new listing prices dropped by 0.4% (-£1,617) in July to £373,493, a larger decline than usual for the month.
Despite this, buyer activity remains steady, with the number of new sellers 3% higher than last year. Additionally, UK buyers are paying a greater proportion of the asking price, currently at 96.8%, up from 95.6% in October of the previous year.
The mortgage market in the UK remains challenging but shows signs of improvement.
To surmise, while the market is subdued, things are beginning to look up for the property market! It’s a fantastic time to get your property on the market to take advantage of new buyers, especially now mortgage rates are falling in the wake of the base rate reduction.
It’s always worth knowing the value of your home. Discover the price of your property with an instant valuation. GetAgent tracks the figures, so you don’t have to.
It’s always worth knowing the value of your home. Discover the price of your property with an instant valuation. GetAgent tracks the figures, so you don’t have to.
It takes 2 minutes.
We are a company registered in England & Wales, company number 09428979.
Copyright © 2024 GetAgent Limited