🏑 July 2024 - House Price Index: "Political certainty and potential rate drop bode well for Autumn"

🏑 July 2024 - House Price Index: "Political certainty and potential rate drop bode well for Autumn"

In this blog post, we're going to break down the top need-to-know information gleaned from the latest data provided by Rightmove. πŸ“Š From trends and fluctuations to insights that could potentially impact your property journey, we've got you covered.

Here are our top 10 key facts for homeowners from the article:

Drop in Asking Prices: Average new seller asking prices have dropped by 0.4% (Β£1,617) to Β£373,493 this month, which is a larger drop than the usual July decrease of 0.2%. πŸ“‰πŸ 

Stable Market Activity: Despite the distractions of the General Election, sports events, and the summer holiday season, market activity has remained steady. βš–οΈπŸ˜οΈ

Sales Increase: The number of sales being agreed is 15% higher than the same period last year, indicating a strong market despite high mortgage rates. πŸ“ˆπŸ’Ό

More Sellers: The number of new sellers entering the market is 3% higher than last year, showing confidence in the market. 🏠πŸšͺ

Buyer Demand: Overall buyer demand remains stable, though there is a slight 2% drop in the first-time buyer sector due to affordability issues. πŸ”„πŸ›’


Expected Rate Cut: There is an expectation of the first Bank of England Base Rate cut in August or September, which could boost the market. πŸ“…πŸ“‰

Mortgage Rates: The average five-year fixed mortgage rate is now 4.97%, lower than the peak of 6.11% in July 2023, but still much higher than the 2.51% average in July 2021. πŸ¦πŸ’Έ

Political Impact: The General Election has had minimal impact on market activity, with most people continuing with their moving plans. πŸ—³οΈπŸ”„

Future Outlook: Political certainty with a new government and potential rate cuts are expected to boost home-mover confidence and market activity in the autumn. πŸ‚πŸ“Š

First-time Buyers: High mortgage rates continue to challenge first-time buyers, with some waiting for rate cuts to improve affordability. The government's plans to support the housing market and first-time buyers are seen as positive signs. πŸ πŸ’Ό

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