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UK Property Market Update – Spring 2024 Trends and Insights

When it comes to buying or selling a home in the South of England, the choices for estate agents can seem endless. However, if you’re looking for a blend of local expertise and a deep commitment to customer service, Peepal Estate Agents is your ideal partner. Here’s why Peepal should be your first choice, along with the latest trends and insights from the UK property market.

 

A Dynamic Start to 2024

The UK property market has experienced a dynamic start to 2024, shaped by fluctuating economic indicators and shifting buyer behaviours.

 

Economic Context and Market Sentiment

Earlier optimism about a Bank of England rate cut led to a surge in property listings, but rising mortgage rates have created an oversupply, likely dampening price growth.

 

International Influences

While the UK faces uncertainty over rate cuts, the European Central Bank signals an imminent reduction, contrasting with Sweden and Switzerland’s cuts and causing a standstill in the UK property market.

 

Current Price Trends

Rising stock levels are impacting price growth, with this month’s modest 0.4% increase reflecting waning vendor confidence. Northern regions are more resilient, but if mortgage rates don’t improve, southern vendors may need to lower prices, as areas like the East of England, London, the East Midlands, the South West, and the South East are seeing negative year-on-year growth.

 

Time on the Market

As spring optimism fades, properties are staying on the market eight days longer on average since May 2023. Only London and Scotland have seen reduced marketing times, while Wales and the East Midlands face significant slowdowns, with increases of 21 and 17 days, respectively.

 

Rental Market Trends

The rental market shows positive growth everywhere except Greater London, which has a slower decline rate of 3.2%. The North East and Yorkshire lead with rent increases of 17.3% and 15.1% year-on-year, driven by tight supply. Overall, UK asking rents are 3.4% higher than in May 2023.

 

Conclusion

The annualised mix-adjusted average asking price growth across England and Wales now stands at 0.4%, a significant improvement from the -0.8% recorded in May 2023. As we move forward, market participants should closely monitor economic developments and regional trends to navigate the evolving property landscape effectively.

 

Stay Informed with Peepal Estate Agents

For the latest updates and personalised advice, contact us today. Whether you’re buying, selling, or renting, our team is here to help you make informed decisions in this ever-changing market.