The UK housing market has shown impressive recovery in 2024, with sales and house prices up year-on-year.
The 2024 housing market has been defined by a balanced mix of affordability and growing sales volumes, which signal a healthy, albeit cautious, resurgence in the UK property sector.
Home buyers are benefiting from the lowest average mortgage rates in over a year, with the rate for a 5-year fixed mortgage at 75% loan-to-value (LTV) now standing at 4.3%, a decrease from 5.5% this t
In the 12 months leading up to July 2024, the average private rental prices in the UK saw an 8.6% increase, consistent with the rise observed in June 2024.
The UK property market has experienced a robust performance throughout 2024, with key indicators surpassing those of 2023.
The UK property market has seen significant changes in the past year, with varying degrees of rent and house price inflation across the regions.
With mortgage rates adjusting to over 4%, the market has become the most balanced it has been in the past five years.
The annual growth rate of rents for new lets has slowed to 6.6%, down from a peak of 16% in October 2021.
In June, the UK property market has demonstrated resilience, maintaining a positive momentum that began earlier this year.
UK rental inflation has slowed to 6.6%, the lowest rate in 30 months.
The UK property market has experienced increasing activity, with the number of agreed sales up year-on-year across all regions.
In the 12 months leading up to March 2024, the average private rents in the UK surged by 9.2%, marking a notable increase from the 9.0% recorded in the preceding 12-month period ending February 2024.
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