Itโs 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 governmentโs 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 youโre 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