Cheaper properties and northern regions maintain asking price momentum

Rightmove reports prices flatlining after reaching a record high in May with the average price of property coming to the market dropping by just £21 to £375,110.

Graphic from the Rightmove June 24 HPI showing changes.

Less expensive and more northerly regions are leading the charge in asking price growth with five of the six cheapest regions reaching new price records while the higher-priced East of England and London lag behind, latest Rightmove HPI data reveals this morning.

Prices have continued to flatline after reaching a record high in May with the average price of property coming to the market dropping by just £21 (0.0%) to £375,110.

Graph from Rightmove June 24 HPI showing changes in asking prices.

Buyer demand has also remained stable and is now 5% higher than last year supporting earlier evidence that most people planning to move home will not let the July 4 election get in their way.

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Tim Bannister, Director of Property Science, Rightmove

However Tim Bannister, Rightmove’s Director of Property Science, cautions: “Some potential sellers [do] appear to be watching and waiting rather than taking action, evidenced by a dip in the number of new sellers coming to market, particularly at the top-end.

“This is understandable when many of these sellers have more flexibility over when they act, but overall, it appears to be business as usual for the mass-market.”

Ian Preston, Preston Baker
Ian Preston, Group Chief Executive, Preston Baker

Ian Preston, Group Chief Executive at Preston Baker in Leeds, says: “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.”

He adds: “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.”

Matt Thompson, Chestertons
Matt Thompson, Head of Sales, Chestertons

Matt Thompson, Head of Sales at Chestertons, adds: “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
Myles Moloney, Area Sales Manager, Chase Buchanan

And Myles Moloney, Area Sales Manager at Chase Buchanan, says: “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.”

Nathan Emerson, Chief Executive, Propertymark

Nathan Emerson, Chief Executive of Propertymark, says: “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.”

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