The Pulse of the Property Market: Rightmove's Latest Update

Property Market Overview

This month, the average listing price saw a slight dip, dropping by £21 to £375,110, which is essentially unchanged. This reflects the usual seasonal calm after the May peak. Regional trends show varied results, with the more affordable northern regions seeing price increases, while the East of England and London experienced minor declines.

Despite the general election announcement, Rightmove's data shows that the real estate market in 2024 remains stable. Transaction agreements and buyer enquiries are strong, indicating a steady market. However, some sellers, particularly in the luxury segment, are waiting to see how the election might impact the market.

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Influencing Factors

Sales agreements between buyers and sellers have been steady over the past month, up 6% compared to the same time last year. This shows a continued willingness to move forward with transactions despite the election. Buyer enquiries are also up 5% year-on-year.

However, new listings, especially for higher-end properties, have slowed. The past two weeks saw only a 1% increase in new sellers compared to last year, down from a 6% increase in the previous two weeks. This trend is most noticeable among premium properties, with a 3% drop in new listings for five-bedroom homes and four-bedroom detached houses, following an 11% rise before the election announcement.

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Housing and Interest Rates

Housing has become a key topic in the election campaign, with various promises being made. While it's good to see housing getting attention, many pledges are extensions of current policies or reintroductions of past initiatives. More critical for prospective homeowners is the Bank of England's interest rate decisions.

Mortgage rates remain high, with the average five-year fixed rate at 5.04%, slightly down from last year's peak of 6.11% but still above the year's start at 4.94%. As we move through 2024, many had hoped for lower mortgage rates by mid-year. If the Bank of England lowers the base rate, leading to better mortgage terms, this could have a significant positive impact on the market.

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Practical Tips for Buyers and Sellers

Navigating the property market can be challenging, but with the right strategies, it can be rewarding. Understand your local market trends, as each area has its unique characteristics. This knowledge will help you make better decisions.

Working with a reputable estate agent is a smart move. They can guide you through the buying or selling process and help you get the best deal. Staying updated with trusted sources like Rightmove's House Price Index will also give you valuable market insights.

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The Smart Move

For insights into the property market trends and peculiarities in Richmond, Twickenham and Teddington, contact Bartlett & Partners on 02086141441.

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