Weekly Property News Round Up – 01.06.24

We hope you’re enjoying your weekend!

The hot topic this week has been the housing market. The number of homes for sale has reached an eight-year high, and experts are weighing in on what this means for house prices in 2024. Zoopla’s latest house price index offers some intriguing insights into this trend.

Meanwhile, Nationwide reports a surprising shift in UK house prices for May, suggesting a potential rebound. Despite high mortgage rates and price sensitivity, the market is showing signs of resilience. Curious about the details? We’ve got the full story on these developments and what they could mean for buyers and sellers alike.

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Now, let’s have a look at the latest headlines that have caught our eye this week…

Ep 80: UK Property Market Update

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Property news this week:

Number of homes for sale at an eight-year high as general election looms: The amount of homes for sale across the country is at an eight-year high ahead of the general election, in a trend which experts say will limit house price rises for the rest of 2024.

Zoopla’s latest house price index has revealed that the UK is currently experiencing the highest supply of homes for sale since 2016, with the average estate agent having 31 homes for sale, which is up by 20 percent on this time last year.

The UK house prices bounce back – Nationwide: The UK’s house prices edged up in May after a brief period of decline, suggesting the market is weathering recent economic challenges, Nationwide reveals. It says prices increased by 0.4% compared to April, following a 0.4% dip in April and a 0.2% decrease in March.

The annual growth rate for house prices also picked up in May, rising to 1.3% from 0.6% in April. Nationwide has also analysed the potential impact of the upcoming General Election on the housing market and suggests that previous elections haven’t impacted house price trends or activity levels.

UK property market sees modest growth amidst price sensitivity and high mortgage rates: The UK property market has experienced a modest upturn, with the average price of properties coming to market reaching a new record of £375,131 – reflecting the momentum of the Spring selling season. May has set new price records in 12 of the past 22 years. Despite this growth, the market remains highly price-sensitive, with average asking prices only 0.6% higher than a year ago.

The top-of-the-ladder sector, encompassing larger homes such as four-bedroom detached and five-bedroom plus properties, continues to lead the price growth. Average prices in this segment have risen by 1.3% compared to last year. This trend is driven by pent-up demand from would-be buyers who paused their plans last year, despite mortgage rates remaining elevated for longer than anticipated.

That concludes this week’s updates. If you have any thoughts or questions about these headlines, feel free to reply—I’d love to chat with you about the latest market trends and discuss your investment goals.

I’ll be back next week with more insights on the property market. Enjoy your weekend!