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UK House Prices Hit 10-Month High
Apr 1, 2024
UK House Prices Hit 10-Month High London
By   Internet
  • City News
  • UK property market
  • house price rises
  • buyer demand
  • property sales
Abstract: The UK property market has recently shown continued vigor, with house prices hitting their highest levels in 10 months, instilling new confidence and vitality into property transactions nationwide. Positive changes in the real estate market have been observed since the beginning of this year, and this momentum is expected to continue with the arrival of spring.

According to the latest data, national house prices rose by an average of 1.5% this month, reaching £368,118, far exceeding the usual 1.0% increase. This marks the largest month-on-month growth since last year, reflecting seller confidence in the market. While transaction activity was previously sluggish and house prices were declining, new data shows that the market is experiencing positive changes. However, this strong price growth may also indicate challenges ahead for the property market, especially for new sellers who may feel the need to lower prices to facilitate transactions, especially in situations where there are relatively few buyers.


This month's active performance indicates ongoing improvement in the real estate market, especially after experiencing relatively sluggish market activity in 2023. Compared to the same period last year, buyer demand has increased by 8%, with transaction volumes up by 13%, indicating a gradual recovery in market activity. Typically, March is a month of strong house price growth as trading activity increases with the arrival of spring. However, this March saw even stronger price growth, reflecting sellers' optimistic outlook on the market, as they believe there is sufficient buyer activity and purchasing power in the local real estate market to achieve higher prices.


UK House Prices Hit 10-Month High

propertywire


Furthermore, the active real estate market bodes well for future housing transactions. However, buyers remain sensitive to prices, especially against the backdrop of rising mortgage rates and continued affordability pressures. This has led to longer average listing times for homes, prompting sellers to set prices more cautiously and leave room for negotiation in order to expedite the sales process.


The future direction of the real estate market remains uncertain, with many factors potentially affecting market activity. For example, upcoming February inflation data and the Bank of England's interest rate announcement will impact mortgage rates, thereby influencing property market transactions. Therefore, sellers are advised to exercise caution when selling their homes and adjust their strategies according to market conditions.

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UK House Prices Hit 10-Month High
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