High interest rates and high property prices have no doubt presented challenging market conditions in the not so distant past and whilst it is clear there are still adjustments to come overall its important to remember the housing market has been steady throughout.
Now with the recent cut to the base rate, the first in four years, and a new government now in place, there seems to be an underlying level of confidence and optimism that the market will continue to remain stable for the foreseeable future.
In fact we can see where one area may have slowed, such as house price growth, another has flourished, such as a boost in market activity.
Now a slowing in house property prices escalation doesn’t mean a decline. In fact having remained relatively flat over the last 12 months the first half of 2024 saw house prices rise, across the whole of the UK, and its anticipated that they are on track to have increased by 2% by the end of the year*. Further, between June and July Halifax suggests the average home grew in value by 0.8%.
Its also encouraging to see that more homes are coming to the market, with more properties for sales than in the last six years*. More supply and choice helps to boost activity, and sales, as many sellers are also buyers. Additionally, another positive sign for both the market and house prices, is that in comparison to last year buyers are paying a great proportion of the asking price (96.8%)*.
Whether you’re looking to sell, buy or both its worth having all the facts about your property by speaking to us about a free, no obligation valuation of your home or indeed our recommended mortgage brokers to better understand your position.
*Zoopla
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
