The average price of property coming to the market for sale drops by just £21 this month (0.0%) to £375,110 after reaching a record high in May, as prices in June follow their familiar seasonal pattern of recent years and remain flat, the latest data from Rightmove shows.
Less expensive and more northerly regions are seeing stronger price growth this month, with five of the six cheapest regions reaching new price records while the higher-priced East of England and London lag behind.
Industry reactions:
Ian Preston, Group CEO at Preston Baker, said: “The government’s decision to call a general election hasn’t made an appreciable difference to market conditions. We saw a small dip last week in listing numbers, but this is easily explained as the traditional dip that we would normally see in the half term week, when more families choose to go away. Whichever government is chosen, the priority must be increasing the supply of new homes. Investment in the local authority planning system, to speed up applications, is the priority. The rental price growth has been extraordinary over the past few years, and landlord friendly policies will be required to attract landlords back into the market.”
Nathan Emerson, CEO of Propertymark commented: “It’s extremely positive to see stability within the housing market and despite a challenging period of high inflation and elevated interest rates, we are witnessing people approach the market with growing confidence. If conditions permit, we are hopeful to see the Bank of England start reducing the base rate when they next meet on Thursday. Should this happen, a potential raft of competitive mortgage deals over the coming weeks would be very welcome news for many people.”
Matt Thompson, head of sales at Chestertons, remarked: “We are now in the last days of the typically busy spring market and, compared to last month, are seeing a bounce in buyer activity. Particularly since the date for the General Election has been announced, house hunters who have been on the fence due to political uncertainty have become more confident about going ahead with their purchase. As a result, we expect June to conclude with a heightened level of buyer interest.”
Myles Moloney, area sales manager at Chase Buchanan, added: “June’s property market to date has remained positive and house hunters with larger equity and buying power have pushed on to agree a sale as they feel the result of the election is forgone. Buyers who are only just starting their property search, however, have been slightly more cautious to observe how the manifestos could benefit them during their property buying journey – particularly first-time buyers.”
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