🏡 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. 🏠💼

Don't navigate the market alone!

For tailored insights and expert guidance tailored to your circumstances, why not schedule a marketing consultation with us today?

📊 Let's work together to ensure you're equipped with the most accurate information to make confident choices.

Click start to fill in the form and your local property partner will review the information you have provided and contact you as soon as possible.

First Name

Last Name

Mobile Phone

Your Email Address

Are you looking to

Buy

Sell

Rent

Let

Please enter message here

Please confirm that it is okay for us to contact you about this information as well as our products and services. By confirming, you also agree to the use of cookies to enhance your experience. (You will always have the right to unsubscribe or manage your cookie preferences at any point in the future.)

Confirm

What Sitting On The Market Really Does To Your Home Sale

The longer a home sits on the market, the more buyer perception changes and usually not in the seller’s favour. What starts as strong interest can quickly become hesitation, reduced urgency and lower offers. Here is what actually happens when a listing goes stale and how sellers can avoid it.

CLICK HERE >

What Buyers Can Actually Afford Right Now And Why It Matters To Sellers

House prices are only one side of affordability. Mortgage rates, monthly payments and lending criteria now shape what buyers can realistically offer more than ever before. Here is how affordability is affecting buyer behaviour and what sellers should understand before pricing their home.

CLICK HERE >

Rightmove House Price Index May: Why Buyers Are More Selective Than Ever

The latest Rightmove House Price Index shows a market that is becoming more active but also more selective. Buyer demand remains strong, yet not every home is performing equally. Here is what the newest data reveals, what buyers are really responding to and what sellers need to understand now.

CLICK HERE >

How Buyers Search For Homes Now And Why It Changes Everything For Sellers

The way buyers search for homes has changed dramatically over the last few years. Today’s buyers make decisions faster, compare more properties online and often rule homes out before ever booking a viewing. Here is how buyer behaviour has changed and what sellers need to understand now.

CLICK HERE >