Bourne Estate Agents
You'll be moved by our results

What's New

Autumn Housing Market Looks Strong Thanks To Potential Base Rate Cut

Itโ€™s already been an eventful summer, with holidays, the General Election, and both the Olympic Games & Euro 2024 keeping everyone busy. Despite concerns that the election would slow down home-moving, our data shows that activity has remained robust.:

  • Stable Prices: Average asking prices are 0.4% higher than last year, despite a slight monthly dip.
  • Increased Sales: Sales agreed are up 15% compared to the same period last year.
  • New Sellers: The number of new sellers is 3% above last year’s figures.

Here’s a quick snapshot of the market changes:

Month Avg. Asking Price Monthly Change Annual Change
July 2024 ยฃ373,493 -0.4% +0.4%
June 2024 ยฃ375,110 +0.0% +0.6%

Political Stability Boosts Confidence

With the election behind us, political certainty is expected to boost home-mover confidence. Tim Bannister, Rightmove property expert, notes that the new governmentโ€™s announcements on housebuilding and planning reform are positive signs for the market.

Anticipated Base Rate Cut

A key concern for many is when the Bank of England will cut the Base Rate. There are indications that this might happen in August or September, which could lead to lower mortgage rates and stimulate the housing market.

Currently, the average five-year fixed mortgage rate is 4.97%, down from the peak of 6.11% in July 2023, but still higher than the 2.51% average in July 2021 before the rate hikes began.

Looking Ahead

As we move into Autumn, a potential Base Rate cut could be a game-changer, making mortgages more affordable and encouraging more people to move. If youโ€™re thinking of selling, now is a great time to book your free up-to-date market appraisal of your home.

At Bourne Estate Agents, we’re here to support you through your property journey, ensuring you make the most informed decisions in this dynamic market.

 

Adapted from Rightmove

Value My property...

Letโ€™s get started! Arrange your Free no obligation market appraisal for honest and accurate local advice.
1APPOINTMENT
AVAILABILITY
2CONTACT
DETAILS
3ADDITIONAL
INFO
  • Week Commencing 28th October 2024

    Mon 28th Tue 29th Wed 30th Thu 31st Fri 1st Sat 2nd
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 4th Tue 5th Wed 6th Thu 7th Fri 8th Sat 9th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 11th Tue 12th Wed 13th Thu 14th Fri 15th Sat 16th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 18th Tue 19th Wed 20th Thu 21st Fri 22nd Sat 23rd
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 25th Tue 26th Wed 27th Thu 28th Fri 29th Sat 30th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM

    Please select all of the dates you are available for an appointment