🏡 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. 📊 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% (£1,617) to £373,493 this month, which is a larger drop than the usual July decrease of 0.2%. 📉🏠
Stable Market Activity: Despite the distractions of the General Election, sports events, and the summer holiday season, market activity has remained steady. ⚖️🏘️
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. 📈💼
More Sellers: The number of new sellers entering the market is 3% higher than last year, showing confidence in the market. 🏠🚪
Buyer Demand: Overall buyer demand remains stable, though there is a slight 2% drop in the first-time buyer sector due to affordability issues. 🔄🛒
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. 📅📉
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. 🏦💸
Political Impact: The General Election has had minimal impact on market activity, with most people continuing with their moving plans. 🗳️🔄
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. 🍂📊
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. 🏠💼
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