Market Reports

How do you tell if a General Election is on the cards? You monitor the news for announcements that may please the masses. Property has long been an area the Government tinkers with and ministers are already repositioning their offering to win votes in England and Wales.

There’s no doubt that the property market is cooling after the unsustainable pandemic levels. While the interest rate and inflation have served to moderate buyers’ plans, property values are naturally returning to more sensible levels. Equilibrium is being provided by falling mortgage rates.

July is a month when people are away on annual leave or are juggling school holidays, and home moving activity usually reflects this. In the last four weeks, however, Rightmove found buyer demand remains strong. In fact, it’s currently 3% higher than the same time in 2019.

While it was the hottest June since records began, the property market started its summer cool down early. Rightmove cited the new 5% interest rate as a reason for earlier-than-usual changes. Its June headline revealed the first monthly drop in asking prices in 2023.

Although it sounds like a tenuous connection, the property market and the weather are linked. The arrival of early summer has coincided with the traditional uptick in house prices. This May, Rightmove has noted an extraordinary correlation between warmer temperatures and property values.

With a third of the year complete, it’s a good time to appraise the property market. If your primary concern is the direction of house prices, Rightmove can shed light. It found the average house price in Great Britain had climbed 0.2% in April to £366,247.

Spring is traditionally a peak season for sales and we’re beginning to see the first ‘green shoots’ of activity. The statistics come from Rightmove, whose March House Price Index reflects data across England, Scotland and Wales. The trend is for asking prices to increase.

Nationwide’s latest House Price Index showed that after three years of rising values, stability has been restored. With a market returning to more ‘normal’ territory, expectations need adjusting, as a new report from Zoopla revealed.

New year, new-look property market? With January complete, signs are emerging of what the buying, selling and lettings trends will be in 2023. Zoopla is first out the blocks, with news on asking prices versus paid for prices.

December saw signs that the sales market was regulating. Rightmove’s latest figures revealed the average price of a property coming to market dropped by 2.1% in the final weeks of 2022. This equated to -£7,862, indicating sellers are adjusting their price expectations in line with current sentiment.

July provided the experts at Zoopla with the perfect opportunity to evaluate how the last two years have affected the UK property market. Its headline statistic – pandemic housing boom creates 270,000 property millionaires – won’t apply to the majority of homeowners but the rest of its analysis will.

June is over and where did that month go? The mid-point of 2022 is pivotal in the property calendar – with six months of trading behind us. All eyes are on the market’s momentum and whether demand is being maintained.