🟣 𝗭𝗼𝗼𝗽𝗹𝗮’𝘀 𝗨𝗞 𝗛𝗼𝘂𝘀𝗲 𝗣𝗿𝗶𝗰𝗲 𝗜𝗻𝗱𝗲𝘅 𝗳𝗼𝗿 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟰

🟣 𝗭𝗼𝗼𝗽𝗹𝗮’𝘀 𝗨𝗞 𝗛𝗼𝘂𝘀𝗲 𝗣𝗿𝗶𝗰𝗲 𝗜𝗻𝗱𝗲𝘅 𝗳𝗼𝗿 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟰

🆙Despite the recent election, the housing market has shown remarkable resilience. Sales have picked up momentum, with new sales running 8% higher than a year ago. This means more people are buying and selling homes compared to last year.

☀️However, as we enter the quieter summer months, sales have slightly dipped across regions. The North East and West Midlands saw the biggest drops, at 6% and 5% respectively. Despite this, there are still 20% more homes on the market compared to last year.

📈House prices have remained steady, with an annual inflation rate of 0%. While the south of England is still seeing price drops, regions like Northern Ireland have seen prices rise by up to 3.3%.

📊Excitingly, 75% of the expected 1.1 million sales for this year are either completed or in progress. This figure is 10% higher than last year, indicating a positive trend despite higher borrowing costs. There's still over a quarter of a million sales yet to be agreed, expected to complete by the end of 2024.

⚖️Higher mortgage rates, now at 4.7%, have reduced buying power, but house prices haven't plummeted due to few forced sales and low unemployment rates. This has kept the market relatively stable.

💷House prices are still over-valued by about 8%, but this gap is closing thanks to faster wage growth and longer mortgage terms. By the end of the year, this over-valuation is expected to disappear if prices rise by 1.5% and mortgage rates remain steady.

🏡Looking ahead, mortgage rates are expected to stay around 4-4.5%, supporting steady sales and modest price increases. Interest rates hold the key to deliver a boost to market sentiment and sales activity. Real income growth will be crucial for maintaining market momentum into 2025.

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