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asking prices are up, demand is up

here’s your property market update

>> get your latest mid-year property market recap on 2024

The UK property market has kicked off 2024 with a flurry of activity. It’s following its usual seasonal trend, and last month Rightmove reported record-high asking prices for May and a 17% spike in sales agreed in the first quarter of this year. This month, prices are a modest 0.6% higher than a year ago, reaching £375,110.* Additionally, buyer demand is 5% up from last year and sales agreed are also up by 6% year-on-year. For sellers, this means that getting your pricing spot on is crucial for a quick sale.*

Halifax largely echoes this sentiment, reporting that “market activity remained resilient throughout the spring months” with an annual change in property prices of +1.5%.** They've also noted an uptick in market confidence.


>> but what about the general election?

With Rishi Sunak calling for votes on July 4th, the housing market is not expected to be affected, especially, as based on previous general elections this was not the case, as reported by Rightmove.


>> your regional property market overview

Looking at the UK map, Scotland and the North East are out in front with the strongest year-on-year growth at 2.7% and 5.8% respectively. Scotland is also where homes fly off the market quickest, averaging just 34 days. Wales is also seeing gains, with property prices inching up to £265,271.*
 

Region  Monthly change in asking price  Annual change in asking price  Average asking price 
East of England -0.5% -1.4% £420,192
East Midlands 0.7% 1.3% £290,270
London -0.3% 1.4% £695,079
North East 1.0% 1.9% £191,996
North West 0.9% 1.8% £262,114
Scotland 0.2% 1.9% £197,032
South East 0.2% 0.0% £495,505
South West 0.1% -0.3% £394,837
Wales 0.3% 0.7% £266,033
West Midlands 0.0% 1.2% £295,478
Yorkshire & the Humber  0.0% 2.8% £254,020
Source: Rightmove HPI, June 2024

 

>> UK rental market snapshot:

Average rents across the UK are up by 6.9% bringing the average to £1,297 per month.^ This is a new high for rents recorded in May, however, growth has slowed to a 0.2% increase since last month.^

In terms of annual changes, the West Midlands is showing the strongest growth in rental prices for the third month in a row, with 10.1%. This is followed by the North West with 9.6%, the North East with 8.9% and Scotland with 8.0%.^ The slowest annual growth is taking place in the South West with 3.4% and Wales and London, where both regions have experienced a month-on-month increase of 4.9%.^

Average UK rent £1,297 
Average annual change UK rent 6.9%
Average month change in UK rent 0.2%
Year-on-year growth in Scottish rent 8.0%
Year-on-year growth in Welsh rent 4.9%
Source: HomeLet, May 2024



The current state of the UK property market offers opportunities for buyers, sellers, and landlords and if you want to know about what opportunities are available to you, we can help. Contact us today to speak to a local expert.

 


 

Correct at the time of publishing – 19/06/2024

Sources: 
*Rightmove HPI, June 2024; 
**Halifax HPI, May 2024
***https://www.rightmove.co.uk/news/articles/property-news/general-election-housing-market-trends/ 
^HomeLet Rental Index, May 2024

MKT/CG/UKON/240524