Yes, its that time of year again where we approach Autumn and prepare for the coming flurries of sleet and rain. The so called “summer” has now passed, along with all the fleeting heatwaves and hope of a better life.

As an auction house, we are fully invested in the success of the property market. So as we approach a new season, lets look at how the property market did in the summer months.

The average price of new-to-market properties for sale in June 2024 changed very little compared to levels in the previous months and will have a positive effect on the number of transactions, which are still below the norm. The average price of a newly listed London property for sale by Rightmove in July 2024 was £692,544. Overall, the UK sales market is rebalancing with London looking more attractive this summer.

On 1 August, the Bank reduced the rate by.0.25% to 5%. The current mortgage market is already offering products based on the expectations that the base bank rate is likely to continue falling before the end of this year.

Sales completions are up 38%. Sales managers are reporting that new instructions and buyer demand have also remained higher than during the same period last year. The current UK housing market is stable with high sales activity recorded over the first two quarters of 2024 and the summer months so far.

So, what is the rest of 2024 looking like?

The main predictions floating around in he market by analysts suggest that UK property prices will fall by 3% in 2024, before recovering in 2025 and rising by 3.5%. Lloyds Bank has forecast a further 2.4% decrease in house prices over 2024. It expects prices to then recover slightly in 2025.

Unfortunately, house prices are predicted to dip, but the good news is they should begin to rise again around the beginning of 2025.

Want to get your property sold but don’t want to pay a chunk of your sale price to an estate agent? Contact us! We can sell your property.

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