The latest Rightmove House Price Index report reveals that the average asking price for properties in the UK has increased by 1.1% in May 2024, reaching £372,324. This is just shy of the record high set in May 2023.
The annual rate of price growth now stands at 1.7%, the highest in the past year. This growth is largely driven by larger, more expensive homes entering the market, particularly in desirable locations.
At Stephanie Macnab Estate Agents, we have observed strong demand across all price points during the second quarter of 2024. This trend aligns with the broader market movements indicated by Rightmove. Read their latest House Price Index here.
We are optimistic that the improving economic forecast will further boost market activity throughout 2024, leading to increased transactions and potentially stabilising prices as buyer confidence grows. Our local insights suggest that both first-time buyers and seasoned investors are showing increased interest, which bodes well for a vibrant housing market ahead.
