UK home costs stay near document highs with little signal of election impression | Home costs

The common asking value of a home within the UK remained close to a document excessive in June, with the housing market sustaining its “2024 momentum” in most components of the nation, based on the newest figures from property web site Rightmove.

The UK’s largest property listings web site mentioned the typical value of homes coming to the market over the previous 4 weeks was £375,110 – simply £21 decrease than in Could, when common costs hit a brand new excessive.

It mentioned that agreed gross sales rose by 6% year-on-year, and demand from consumers rose by 5%.

The web site mentioned value traits diverse throughout the nation, with the strongest value progress this month seen in inexpensive and extra northern areas. In contrast, the higher-priced areas of the East of England and London recorded the one value declines this month.

In a ballot performed by the web site of 14,000 folks, 95% of those that had been planning to maneuver dwelling mentioned that the upcoming basic election wouldn’t change their plans.

Rightmove mentioned the one space the place it detected some potential warning amongst potential sellers was on the estimated excessive finish of the market.

Within the two weeks following the shock election announcement, the variety of high quality sellers coming to the market was 3% decrease than a yr in the past, whereas within the previous two-week interval it was 11% greater than in 2023.

Rightmove mentioned it seems house owners of probably the most luxurious properties have paused their plans to see how the following few weeks develop.

Tim Bannister, director of Rightmove, mentioned: “It’s at all times tough to foretell how dwelling movers will react to sudden uncertainty, however market exercise has remained largely flat this time.”

“Our survey of over 14,000 folks additionally helps the information, with the overwhelming majority of respondents persevering with with their plans to maneuver dwelling,” he mentioned. “Nevertheless, some potential sellers seem like watching and ready somewhat than taking motion, which is evidenced by the decrease variety of new sellers coming to the market, significantly on the higher finish. General, it seems to be enterprise as typical for the mass market.”

He mentioned pent-up demand was the primary driver behind elevated purchaser and vendor exercise, although mortgage rates of interest remained excessive for longer than anticipated.

Matt Thompson, head of gross sales at Chestertons Estates, mentioned: “Because the Common Election date was introduced, home hunters who had been on the fence resulting from political uncertainty have change into extra assured about going forward with their buy. Because of this, we anticipate June to finish with a excessive stage of purchaser curiosity.”

Final week, Halifax, Britain’s largest financial institution, mentioned rising wages and growing financial confidence through the vital spring promoting season had been protecting costs regular.