Six consecutive month of house price growth

The latest UK House Price Index for July 2024 shows that the average UK house price has increased by +0.6% MoM from £288,043 in June 2024 to £289,723 in July 2024, while the latest annual change for July 2024 sits at +2.2%.

The latest UK figures show consecutive increases in price over the last six months, from February 2024 (£278,689 and +0.2% MoM) to July 2024 (£289,723 and +0.6% MoM).

When considering annual change, the UK figures show consecutive growth for the last five months, from March 2024 (£279,523 and +0.6% YoY) to July 2024 (£289,723 and +2.2% YoY).

Director of Benham and Reeves, Marc von Grundherr said, “Autumn may be fast approaching, but property market prosperity continues to blossom and we’ve seen the level of buyer enquiries, offers made and sales agreed all start to normalise following a prolonged period of stagnation.

The nation’s homebuyers may be waiting with bated breath in hopes of further incentivisation in the Autumn Statement, however, this is unlikely to materialise.

Our new government has been ambitious in its immediate intentions to build more homes, but beyond this usual rhetoric, focus seems very much on penalising landlords to help boost the Treasuries coffers, rather than helping homebuyers onto the ladder.”

CEO of Yopa, Verona Frankish said, “The UK property market has built up a real head of steam so far this year we’re now seeing consistent levels of monthly and annual house price growth, which demonstrates that buyers are not only returning to the market, but they are doing so with greater confidence.

It’s also important to note that these latest figures are for July and so the boost to market sentiment that has come following August’s interest rate reduction is yet to be reported.

With another base rate reduction widely expected to materialise tomorrow, the outlook is very positive indeed and we expected 2024 to be a far more positive year compared, as a result.”

Lomond CEO, Ed Phillips added, “The property market continues to show strong signs of improvement and we’ve now seen six consecutive months of positive house price growth materialise over the course of the year, as well as the fifth consecutive of annual growth.

Whilst interest rates remain far higher than today’s homebuyers have become accustomed to, the first base rate reduction in over four years has only helped to boost buyer confidence and this is likely to continue with yet further cuts anticipated before the year is out.”