Agents have responded enthusiastically to more promising housing market data.
The Halifax says house prices increased by 0.3% in September, matching the rise seen in August. Year-on-year prices are up 4.7%, still the strongest rate since November 2022
Higher annual growth continues to reflect the base impact of weaker prices a year ago says the lender: the typical property now costs £293,399 which is the highest since June 2022.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “The housing market has proved remarkably resilient over recent weeks with appraisals, listings, viewings and sales agreed in our offices above last autumn’s levels.
“Confidence is key. The recent reduction in the Bank of England base rate, with expectations of more to come – perhaps even increasingly aggressively according to its Governor – is supporting the uplift in activity.
“However, lingering concerns about a ‘painful’ Budget around the corner, particularly impacting the higher end of the market, as well as improving property and mortgage choice, is keeping a lid on higher prices.”
And Foxtons chief executive Guy Gittins adds: “Increased mortgage market certainty is allowing UK buyers to act with greater confidence and we’ve seen the rates available on many mortgage products continue to trend downwards since a hold on the base rate in September of last year.
“… We’re now seeing transactional volumes climb as these sales make it over the line … government figures show that in August, the number of monthly transactions exceeded the 100,000 threshold for the first time since December 2022.”
And Propertymark chief executive Nathan Emerson comments: “It is very welcome news to see yet further growth in the housing market and taking a wide-angle view of the year, there is no doubt consumers are now able to approach the buying and selling process with a far greater degree of confidence compared to the very start of the year.
“There is still further progress to be made, but with strong hints we may see further dips in the base rate before the year is out, we are seeing some lenders already confident enough to switch up their mortgage offerings which is proving very welcome news for borrows.”
