Autumn Housing Market Looks Strong Thanks To Potential Base Rate Cut

It’s been an eventful summer so far, with holidays, the General Election campaign, and the Euro football tournament keeping everyone busy. Despite concerns that the election would slow down home-moving, our data shows that activity has remained robust;

• Stable Prices: Average asking prices are 0.4% higher than last year, despite a slight monthly dip.
• Increased Sales: Sales agreed are up 15% compared to the same period last year.
• New Sellers: The number of new sellers is 3% above last year's figures.

Here's a quick snapshot of the market changes:

Month	Avg. Asking Price	Monthly Change	Annual Change
July 2024	£373,493	-0.4%	+0.4%
June 2024	£375,110	+0.0%	+0.6%

Political Stability Boosts Confidence

With the election behind us, political certainty is expected to boost home-mover confidence. Tim Bannister, our property expert, notes that the new government’s announcements on housebuilding and planning reform are positive signs for the market.

Anticipated Base Rate Cut

A key concern for many is when the Bank of England will cut the Base Rate. There are indications that this might happen in August or September, which could lead to lower mortgage rates and stimulate the housing market.

Currently, the average five-year fixed mortgage rate is 4.97%, down from the peak of 6.11% in July 2023, but still higher than the 2.51% average in July 2021 before the rate hikes began.

Looking Ahead

As we move into Autumn, a potential Base Rate cut could be a game-changer, making mortgages more affordable and encouraging more people to move. If you’re thinking of selling, now might be a good time to get a valuation from a local agent who can provide insights based on the latest market trends.

We're here to support you through your property journey, ensuring you make the most informed decisions in this dynamic market.

Adapted from Rightmove