Market activity set to gain momentum in the months ahead

The July 2024 RICS Residential Survey results signal a largely stable trend in property market activity. A modest easing in mortgage interest rates in recent weeks has seen sales volumes up which is set to gain momentum in the months ahead.

New buyer enquiries and agreed sales both held steady in July anticipating a pickup in sales volumes moving forward. Halifax has recorded UK house prices rising by 0.8% in July while annual growth rose to +2.3%, the highest rate since the start of this year. The average house price in the UK is £291,268, up over £2,200 compared to the previous month.

Meanwhile, the ONS has recorded that the average house price for England was £305,000 in June 2024, up 2.4% (£7,000) from a year earlier. This annual rise was lower than in the 12 months to May 2024 (2.5%).

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