Housing market is resurgent, property leader claims
Nicky Stevenson, MD at Fine & Country, says the property market is buoyant despite mortgage rates remaining high.
Confidence is returning to the market with further good news expected as the political climate settles following the General Election, the MD of premium agency Fine & Country claims.
Nicky Stevenson (main picture) says that recent house price forecasts reflect a more optimistic outlook for the year.
The latest data indicates a resurgence of confidence in the market.”
“The latest data indicates a resurgence of confidence in the market. Despite the challenges posed by high interest rates and political uncertainties, the underlying fundamentals remain strong.
“The expected bank rate cut and improving economic conditions are likely to further bolster the marke,” she says.
“We are particularly encouraged by the continued activity and positive sentiment among buyers and sellers, which bodes well for the remainder of the year.”
House price growth
She says the latest forecasts suggest 1.4% house price growth to the end of 2024, a significant improvement to the -2.6% forecast at the start of the year.
Stevenson points to Rightmove reporting that the average time to sell a property has decreased to 60 days in May, down from 78 days in January, marking the fourth consecutive monthly decline.
Mortgage approvals have also held firm, with 59,991 in May compared to 60,821 in April. Notably, there have been 28% more mortgage approvals in the first five months of this year compared to the same period last year.
Plans unchanged
Despite the General Election, 95% of people who planned to move home, said their plans remain unchanged, she says.
And over the past four weeks, the number of sales agreed has remained stable, 6% higher than the same period last year.
Stevenson also says buyer demand has stayed strong, now 5% higher than last year. The only caution noted is a slight decrease in new sellers, particularly in the high-end market.
