The UK housing market has exhibited some robust trends as of early May 2024. According to the latest statistics, gross residential property sales have reached heights not seen since mid-2022, indicating a resurgent market. House prices have also seen a modest increase, with the cost per square foot rising steadily from £331 in January to £344 in April 2024.
Listings in the last week of April slightly dipped from the previous week, which had marked the highest number since September 2020, suggesting a potential leveling off after a period of vigorous activity. Year-to-date gross sales are up by 10.8% over 2023, and net sales are notably strong, showing an increase of 21.4% compared to the same period last year.
The mortgage market is seeing mixed signals; average rates for two-year and five-year fixed mortgages have decreased since November 2023, while ten-year fixed rates have increased slightly. The average standard variable rate (SVR) has remained largely stable since November 2023.
Price stability is also evident, with the Halifax House Price Index noting only a slight monthly increase in April 2024. The average property price now stands at £288,949, reflecting a year-on-year growth of 1.1%. This growth is a rebound from the slower growth rate observed around the same time last year, illustrating some recovery in property values despite ongoing market volatilities.
Overall, the UK housing market is showing signs of resilience, with sustained sales activity and gradual price increases, despite the mixed performance in mortgage rates and the usual market fluctuations.
Key Metrics for The Whole Property Market in Acton
versus last month versus 3 month ave
New properties to market Up 105% Down 2%
Properties sold subject to contract Down 3% Down 4%
Properties reducing their asking price Up 115% Up 101%