June Property Market 2024

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. 

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.