UK Property Market on the Rise: What You Need to Know About the Surging Sales, Falling Mortgage Rates, and Record-High Prices!
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Welcome to our latest blog! This week, we’re diving into the UK property market trends for autumn 2024, where we’ll answer your key questions about rising house prices, falling mortgage rates, and the recent surge in property sales. Whether you’re a buyer, seller, or landlord, we’ve got the insights you need to navigate the UK housing market right now.
Let’s explore!
Q: How are house prices performing in the UK property market?
A: House prices continue to rise steadily. The UK housing market is showing resilience, with property prices reaching record levels. As of September 2024, the average house price hit £293,399, reflecting a 4.7% year-on-year increase. Nationwide reported a similar trend, with house prices rising to £266,094. This growth is good news for sellers looking to capitalize on the market recovery.
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Q: What’s happening with mortgage rates in 2024?
A: For those looking to buy, there’s some relief as mortgage rates are falling. The average 5-year fixed mortgage rate has dropped to 4.67%, down from its peak of 6.11% last year. This makes buying a property in the UK more affordable, encouraging both first-time buyers and movers to re-enter the market. The Bank of England has reported a significant increase in mortgage approvals, up 43.4% compared to 2023.
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Q: Are property sales increasing?
A: Yes! The UK property market is seeing a surge in sales. According to Rightmove, property sales agreed are up 27% year-on-year, driven by increased demand and falling mortgage rates. Autumn 2024 is shaping up to be a busy season for property transactions, as more buyers feel confident about entering the market.
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Q: How are asking prices moving?
A: Although one in five homes had their prices reduced by 5%, well-priced properties continue to sell quickly. In fact, asking prices rose 0.8% this month, pushing the average asking price to £370,759, which is higher than expected for this time of year. This trend shows that property sellers who price their homes competitively are reaping the benefits.
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Q: What does the future look like for the UK housing market?
A: The future looks promising for both buyers and sellers. With mortgage rates dropping and the market stabilising, we expect continued property market momentum through winter 2024. Whether you’re looking to buy, sell, or invest in UK real estate, now is an excellent time to explore your options.
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Q: What’s the situation in the rental market?
A: The UK rental market remains highly competitive, with demand far exceeding supply. While rental prices are still increasing, they’ve begun to slow from their unsustainable highs of previous years. However, landlords should be aware of new regulations, like the Renters’ Reform Bill, which will reshape the buy-to-let market and impact future rental agreements
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Stay tuned for more updates, and feel free to contact us if you have any questions about buying, selling, or renting in the UK property market!
