Market Reports

Spring traditionally sees a peak in property interest and there are signs that this is definitely the season to move home. Many of the metrics we monitor are on the up, starting with asking prices. The figures show confidence among sellers continues to build.

It was only two months ago that the property market was lauding the return of the Boxing Day bounce – the seasonal influx of buyers and sellers at the end of the year. Now, we’re interested to know if the intent to move home has translated into concrete action.

The ups and downs of property prices continue to fascinate many. After spectacular rises during the pandemic, and a temporary sense of panic when Liz Truss was in power, January shows how a more stable landscape has affected values. New data from Zoopla offers a great perspective.

December marked a year when we returned to what agents call ‘normal’ sales conditions. But what is normal? It means historically average mortgage rates, sellers having to be realistic when it comes to pricing and an absence of cataclysmic events.

Are you sitting comfortably? There’s lots to digest! Property announcements happened from the very start to the very end of November, affecting buyers, sellers, tenants and landlords. First, let’s set the scene with prices.

Propertymark’s latest report gathered responses from approximately 100 sales and 100 lettings agents 1st and 14th October 2023 for a great snapshot of the market. It found there were an average of 60 prospective buyers registered per branch, illustrating that there’s an appetite to move.

September was packed full of property information. There was news from all the big hitters, including the Prime Minister, major banks and the big portals. Here are the facts and stats shaping the current market.

It’s hard to ignore the UK’s rental market as we head towards autumn, which continues to run hot. According to HomeLet’s August Rental Index, the cost of renting a property has risen 1.4% in the last four weeks. UK tenants can now expect to pay an average of £1,261 per month.

As we progress through the third quarter of 2023, it’s interesting to note the broader trends in the property market. While the frantic conditions that accompanied the pandemic are over, the moving market is brisker than it was four years ago. To illustrate, Zoopla found property offers are received quicker now when compared to pre-Covid times.

With the longest day of the year behind us and the midway point of 2023 passed, we can evaluate how the first half of the year has treated the sales market. Predictions have come true. The red hot conditions and extraordinary price hikes of the pandemic have subsided.

Spring is one of the busiest times in property. When forming a snapshot of current conditions, we overlay our own data with that of the industry’s leading organisations. The last four weeks show the market is moving in the right direction.

The spring bounce has started to affect house prices. More buyers in the market have pushed Great Britain’s average house price up by +0.2% in April. The new average is £366,247.