Join CityClub Today to Receive:

  • Priority access to exclusive off market investments
  • Below market value pricing
  • Out of hours investor support chat
  • Allocated solicitor for hands free conveyancing

    Property Prices

    The average property price in the UK has remained steady, with only a £110 increase from May, and annual prices have stayed stable year-on-year. However, the average house price is predicted to increase by 1.5% by the end of 2024. It is predicted that 75% of 2024 house sales have already been completed or are in the pipeline to completion. 

    Less expensive and northern regions are seeing stronger price growth this month, with five of the six cheapest regions exceeding new price records while the higher-priced areas like East of England and London fall behind in price growth.

    Zoopla says ‘we believe house prices are currently 8% ‘over-inflated’ to where they need to be, but this will correct itself by the end of the year.’ As property prices rise faster than average wages for residents it is becoming increasingly hard for new buyers, so a slight decrease in pricing will help boost the market. 

    Market Activity

    The majority of buyers and sellers have continued their plans since the election was announced, with the only sign that may have been affected by the election being a slight drop in the number of new sellers, especially more at the top end of the market. The number of top-end sellers coming to market is 3% lower than the previous year but was 11% higher in the two weeks before. This supports Rightmove’s poll where over 14,000 people voted, and results showed that 95% of those planning to move house said that the election won’t affect their plans.

    High mortgage rates continue to stretch affordability, with many future movers likely to have a closer eye on when the first Bank of England rate cut might be, rather than pre-election housing market promises. The average 5-year fixed mortgage rate is now 5.04%, compared with 4.94% in January.

    BTL Mortgage Rates

    Buy-to-let mortgages remain expensive, however, rates in June fell to almost their lowest level since they first began to rise. The average rate in June, was 5.55%, which is only a slight decrease from May’s 5.60% but it is heading in the right direction for investors. 

    In June, some lenders began to offer new product ranges and exclusive offers in their buy-to-let mortgages, which is good news for landlords wanting a BTL mortgage. As a result, there is expected to be a boost in interest in the buy-to-let space among mortgaged buyers.

    Best Opportunities for the Current Market:

    Related Articles

    • Minimum EPCs in Rental Properties Set to be Raised

      Minimum EPCs in Rental Properties Set to be Raised

      Former Prime Minister Rishi Sunak removed legislation to increase minimum EPCs in rental properties last year. But as the new government won the...

      Learn more
    • What the Labour Win Could Mean for the Property Market

      What the Labour Win Could Mean for the Property Market

      From first-time buyer support to removing ‘no-fault eviction,’ the new Labour government’s key policies affecting housing and the property...

      Learn more
    • May Property Market 2024

      May Property Market 2024

      Interest rates dropped even further and property prices remained steady, however, rents continued to rise. Discover further changes to the property...

      Learn more
    • Average UK Buy-to-Let Yield Jumps to 5.8%

      Average UK Buy-to-Let Yield Jumps to 5.8%

      Average UK Buy-to-Let Yield Jumps to 5.8% The average rental yield in the UK was 4.75%, however, it has now increased to 5.8%. This is due to the...

      Learn more

    Explore our Investment Guides

    Take a look
    Explore our Investment Guides
    Chat to us