The average price of properties listed for sale has decreased slightly by just £21 this month (0.0%), bringing the price to £375,110. This follows the usual seasonal trend observed in recent years, with prices stabilising in June after hitting a record high in May.

With the recent announcement of a General Election, Rightmove’s comprehensive market data indicates that the housing market is maintaining its stability and continuing the momentum seen in 2024 so far. The number of agreed sales and buyer enquiries to agents remain consistent, with most active home movers proceeding with their plans.

Tim Bannister, Rightmove’s Director of Property Science, commented, “It’s always difficult to predict how home-movers will react to sudden uncertainty, but looking back through our data, we can see that during previous election campaigns, market activity has remained largely steady. This election has followed a similar pattern so far, and the responses from our poll of over 14,000 people also supports the data, with the vast majority of respondents saying they will carry on with their home moving plans”

Over the past four weeks, the number of sales agreed between buyers and sellers has been 6% higher than the same period last year, highlighting that market participants are generally undeterred by the unexpected General Election. Buyer demand, measured by enquiries to estate agents, has also remained robust, showing a 5% increase compared to last year.

However, mortgage rates remain relatively high. The current average five year fixed rate stands at 5.04%, an improvement from the peak of 6.11% in July 2023 but still higher than the 4.94% rate at the beginning of the year. Many had hoped for significant reductions in mortgage rates by mid 2024. If the Bank of England cuts the Base Rate, it could lead to lower mortgage rates, potentially having a more immediate and widespread impact on the market than the housing policies announced so far.

Obtaining expert advice and an accurate property valuation are crucial when selling your home. By consulting with a mortgage advisor, you can better understand the financial landscape and ensure you're making informed decisions throughout the selling process. Our team of experts is here to assist you in navigating the complexities of the market, ensuring a smooth and successful sale.