Government figures highlight the positive momentum in the housing market
The average UK house price increased by 2.7% in the 12 months to June 2024, remaining consistent with the revised figure for the 12 months to May.
Latest government data published by the Office for National Statistics (ONS) has revealed that in June 2024, the average UK house price stood at £288,000, marking an £8,000 increase from the previous year.
Regionally, house prices rose in England to £305,000, up 2.4% year-on-year. In Wales, the average price increased by 1.8% to £216,000, while in Scotland, it climbed 4.3% to £192,000. Northern Ireland saw the highest growth, with the average house price rising 6.4% to £185,000 in the year to Q2 2024.
On a non-seasonally adjusted basis, UK house prices rose by 0.5% between May and June 2024, maintaining a similar rate of increase compared to the same period in the previous year.
Average UK house prices increased by 2.7%, to £288,000 in the year to June, unchanged from the revised estimate for the 12 months to May.
— Office for National Statistics (ONS) (@ONS) August 14, 2024
Read the release ➡️ https://t.co/tbJnxzB2Xt pic.twitter.com/LhshQlBICg
“The latest ONS figures highlight the positive momentum in the housing market, marking the fourth consecutive rise in house prices,” commented Alex Upton (pictured left), managing director of specialist mortgages at Hampshire Trust Bank. “This trend reflects the strong demand from buyers across various segments.
“We are seeing great appetite from investors, whether they are looking to hold onto the property as a buy-to-let or sell it on after carrying out refurbishment work. While the market has become more challenging for amateur investors, seasoned professionals are well-positioned to capitalise on these opportunities.”
For Aman Bajwa (pictured centre), co-founder and director of Fairbridge Capital, today’s figures are proof that a tough year for UK property investors is giving way to a period of opportunity, with falling interest rates and lower inflation driving demand.
“The government’s decision to prioritise the property market in the long-term, after a number of years characterised by short-term decision making, is also increasing investor confidence,” Bajwa said. “This means we can expect higher levels of activity in the coming months, particularly in the specialist lending sector, which is primed to support borrowers who may not be served as well by mainstream lenders.”
Paul Glynn (pictured right), chief executive at Air meanwhile commented: “We are in the centre of a mortgage price war, and the heated competition is stoking the housing market. After a long-awaited cut in the base rate by The Bank of England, the stage has been set for a season of stable growth, and we are already seeing the dividends in today’s data.
“Lenders are being swift and reactive in response, with provisions of five-year fixed rates dropping below 4% which will inevitably continue to spur proactivity among first-time buyers and the wider market alike. This data marks four consecutive increases of house price growth, leaving no doubt that the turbulence of 2023 is finally in the rearview mirror.”
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