"Autumn may be fast approaching, but property market prosperity continues to blossom and we’ve seen the level of buyer enquiries, offers made and sales agreed all start to normalise following a prolonged period of stagnation"
- Marc von Grundherr - Benham and Reeves
The latest figures released by the Land Registry have revealed that average UK house price annual inflation was 2.2% in the 12 months to July 2024 (provisional estimate), down from the revised estimate of 2.7% in the 12 months to June 2024.
The average UK house price was £290,000 in July 2024 - £6,000 higher than 12 months ago. Average house prices in the 12 months to July 2024 increased in England to £306,000 (1.6%), increased in Wales to £218,000 (2.0%) and increased in Scotland to £199,000 (6.0%). The average house price increased in the year to Q2 (Apr to Jun) 2024 to £185,000 in Northern Ireland (6.4%).
On a non-seasonally adjusted basis, average UK house prices increased more slowly between June 2024 and July 2024 (0.6%) than in the same period 12 months ago (1.1%). On a seasonally adjusted basis, average house prices in the UK decreased by 0.4% between June 2024 and July 2024.
Of English regions, annual house price inflation was highest in the North East, where prices increased by 3.8% in the 12 months to July 2024. London was the English region with the lowest annual inflation, where prices decreased by 0.4% in the 12 months to July 2024.
Nathan Emerson CEO at Propertymark comments: “It is reassuring to see further progress within the housing market as we continue to witness a consistent trend of growth as the year plays out. Overall, 2024 has proven to be transformative for the housing market with it facing a myriad of challenges at the start of the year and gathering pace to a far more upbeat performance as demonstrated by these latest figures.
“Propertymark remains keen to see the UK Government kick start their house building programme to alleviate current pressures on housing demand and there is also a massive interest from those who aspire to buy to see and understand what support may be offered to boost their ability to get a footing on the housing ladder.”
Lomond CEO, Ed Phillips, commented: “The property market continues to show strong signs of improvement and we’ve now seen six consecutive months of positive house price growth materialise over the course of the year, as well as the fifth consecutive of annual growth.
"Whilst interest rates remain far higher than today’s homebuyers have become accustomed to, the first base rate reduction in over four years has only helped to boost buyer confidence and this is likely to continue with yet further cuts anticipated before the year is out.”
Director of Benham and Reeves, Marc von Grundherr, commented: “Autumn may be fast approaching, but property market prosperity continues to blossom and we’ve seen the level of buyer enquiries, offers made and sales agreed all start to normalise following a prolonged period of stagnation.
"The nation’s homebuyers may be waiting with bated breath in hopes of further incentivisation in the Autumn Statement, however, this is unlikely to materialise.
"Our new government has been ambitious in its immediate intentions to build more homes, but beyond this usual rhetoric, the focus seems very much on penalising landlords to help boost the Treasuries coffers, rather than helping homebuyers onto the ladder.”
CEO of Yopa, Verona Frankish, commented: “The UK property market has built up a real head of steam so far this year we’re now seeing consistent levels of monthly and annual house price growth, which demonstrates that buyers are not only returning to the market, but they are doing so with greater confidence.
"It’s also important to note that these latest figures are for July and so the boost to market sentiment that has come following August’s interest rate reduction is yet to be reported.
"With another base rate reduction widely expected to materialise tomorrow, the outlook is very positive indeed and we expected 2024 to be a far more positive year compared, as a result.”
