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UK House Prices Tipped To Rise Further

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Mon 01 Jul 2024

UK House Prices Tipped To Rise Further


Although summer typically slows down the UK housing market, recent figures suggest that house prices continue to climb. This trend is noticeable in Bury St Edmunds, as we have seen this ourselves, and we’ve seen it highlighted in Zoopla's latest House Price Index.

 

At Coakley & Theaker, our extensive knowledge of the local market ensures we deliver exceptional service. Our skilled team remains up-to-date with insights from trusted industry sources, and this is how we know Zoopla predicts a 1.5% increase in UK property prices by year-end.

Rising Demand for Homes

Demand is a crucial driver in the housing market. Without interested buyers, the market stagnates. Currently, demand is 6% higher than a year ago, reflecting strong buyer confidence, which is encouraging for homeowners.

 

More buyers mean a greater likelihood for homeowners to sell their properties, so this is a positive thing for locals looking to move. 

Increased Property Availability

This optimism is also reflected in the market, with the House Price Index showing a 19% increase in homes for sale compared to last year.

 

A major issue in the UK housing market has been the shortage of suitable properties. Thus, the increase in available homes is a positive development.

 

While a higher supply could potentially lower prices, this isn't always the case due to various influencing factors. For now, it's great news to see more properties available.

 

If you're thinking of selling your home, it's wise to start with a valuation from a knowledgeable local estate agent. Our comprehensive valuation service offers you the best foundation for selling your property. We've successfully assisted many Bury St Edmunds homeowners in connecting with buyers and are ready to help you. Contact us today to schedule your property valuation. 

Make informed decisions

 

Richard Donnell is an Executive Director at Zoopla and he has spoken on this subject, saying: “The housing market continues to adjust to higher borrowing costs through modest house price falls and rising incomes. Buyers using mortgages are also relying on longer mortgage terms to gain that extra few percentage points of buying power to afford a home.”

 

Richard Donnell continued by saying: “The general election campaign has had a limited impact on market activity although the seasonal summer slowdown is arriving. Sales agreed continued to increase and more homes for sale means more buyers looking to move in the second half of the year. The timing of the first cut in the base rate is a key moment and will give a boost to both market sentiment and sales activity. Overall we expect house prices to be 1.5% higher over 2024.”

 

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.