UK home costs stay close to file excessive with little signal of election affect

The common asking worth for a UK residence remained close to its file excessive in June, with the housing market sustaining its “2024 momentum” throughout a lot of the nation, in response to the most recent figures from the property web site Rightmove.

The UK’s largest property listings web site stated the common worth of properties coming to the market over the previous 4 weeks was £375,110 – simply £21 lower than in Might, when common costs had posted a brand new excessive.

It stated agreed gross sales had been up by 6% year-on-year and demand from patrons was up by 5%.

The web site stated worth developments had differed throughout the nation, with the strongest worth progress this month seen within the cheaper, extra northerly areas. Against this, the higher-priced east of England and London areas recorded this month’s solely worth falls.

In a survey of 14,000 folks by the web site, 95% of those that had been planning to maneuver residence stated the upcoming common election wouldn’t change their plans.

Rightmove stated the one space through which it had detected some attainable warning amongst would-be sellers was on the discretionary high finish of the market.

Within the two weeks for the reason that shock election announcement, the variety of top-end sellers coming to market was 3% decrease than a yr in the past, whereas within the earlier two-week interval it had been 11% increased than in 2023.

Homeowners of essentially the most upmarket properties seemed to be pausing their plans to see how the subsequent few weeks unfolded, Rightmove stated.

“It’s at all times tough to foretell how home-movers will react to sudden uncertainty, however the market exercise has remained largely regular this time,” stated Rightmove’s director, Tim Bannister.

“Our ballot of greater than 14,000 folks additionally helps the information, with the overwhelming majority of respondents carrying on with their residence transferring plans,” he stated. “Nevertheless, some potential sellers seem like watching and ready slightly than taking motion, evidenced by a dip within the variety of new sellers coming to market, notably on the high finish. General, it seems to be enterprise as regular for the mass market.”

He stated pent-up demand was a key driver behind elevated purchaser and vendor exercise, regardless of mortgage charges remaining elevated for longer than anticipated.

Matt Thompson, head of gross sales on the property brokers Chestertons, stated: “Because the date for the overall election was introduced, home hunters who’ve been on the fence on account of political uncertainty have grow to be extra assured about going forward with their buy. Because of this, we anticipate June to conclude with a heightened degree of purchaser curiosity.”

Final week, Britain’s largest lender, Halifax, said rising wages and an increase in economic confidence through the vital spring promoting season had been conserving costs regular.