UK House Prices Near Record High, Little Election Impact

Rightmove reports UK house prices remain high with buyer demand up 5%, caution seen only among top market sellers.

According to the latest data from property website Rightmove, the UK housing market continues show strong momentum in 2024. The average asking price for a UK home remained close to its record high in June, with homes coming to the market at an average price of £375,110. This figure is only £21 less than the previous month's record high.

UK House Prices Near Record High, Little Election Impact - Rightmove

Agreed sales have increased by 6% year-on-year, and demand from buyers is up by 5%. Price trends have varied across the country, with the strongest price growth seen in the more affordable, northern regions. On the other hand, the east of England and London regions experienced price falls this month.

A survey of 14,000 individuals conducted by Rightmove revealed that 95% of those planning to move home stated that the upcoming general election would not impact their plans. However, the website did detect some caution among potential sellers at the top end of the market. In the two weeks following the election announcement, there was a 3% decrease in top-end sellers coming to the market compared to the previous year.

It seems that owners of the most luxurious properties are taking a pause to observe how the market unfolds in the coming weeks. Despite this caution at the top end of the market, overall demand from buyers remains strong, indicating continued confidence in the UK housing market.

The UK housing market continues to show resilience and strength, with prices remaining near record highs and demand from buyers on the rise. While some caution is observed among top-end sellers, the market as a whole appears to be maintaining its positive momentum.