The July 2024 RICS Residential Survey results signal a largely stable trend in property market activity.
Supported by the modest easing in mortgage interest rates in recent weeks, the report shows there has been a meaningful pickup in sales volumes moving forward. New buyer enquiries and agreed sales also both held steady in July anticipating a pickup in sales volumes moving forward says RICS. Halifax has recorded UK house prices rising by 0.8% in July while annually growth rose to +2.3%, the highest rate since the start of this year. The average house price in the UK is £291,268, up over £2,200 compared to the previous month.
Meanwhile, the ONS has recorded the average house price for England was £305,000 in June 2024, up 2.4% (£7,000) from a year earlier. This annual rise was lower than in the 12 months to May 2024 (2.5%).
