UK Housing Market, Summer 2024

The UK housing market in June follows the familiar summer pattern we’ve seen in recent years with the average prices of new-to-market properties remaining flat or changing very little compared to levels in the previous month. Overall, the market is stable and maintains high activity seen over the first five months of 2024.

Chase Evans London branches finalised a record number of sales in May 2024. From a wide collection of apartments in E14 and Docklands to large Central London properties in Goodman’s Fields in E1 and Elephant Park SE17. Our Sales managers are reporting that new instructions, sales agreed, and buyer demand remain higher than last year.

On the national level, the number of transactions is 9.8% higher than 12 months ago says HMRC (His Majesty's Revenue & Customs). This trend, according to HMRC, continued this spring with UK transactions increasing 4.6% between March 2024 and April 2024.

The latest report from Rightmove states that the price of new-to-market property in the UK in May was £375,110 and the average new-to-market London property price in May 2024 was £695,079. That is 1.4% higher than the same time last year. The average time to sell a London property in May was 60 days, down from 78 in January this year. The biggest price growth, according to Rightmove, was recorded in the northern regions of the UK.

The Office for National Statistics (ONS) May report gives the UK housing industry statistics based on sold properties. “Average UK house prices increased 1.1% (provisional estimate), to £281,000, in the 12 months to April 2024. This was up from 0.9% in the 12 months to March 2024 (revised estimate) and was the second consecutive month with an annual increase following 8 months of annual falls in prices. The average sold property house price in the UK in April was £281,000. London was the English region with the lowest annual inflation, where prices decreased by 3.9% in the 12 months to April 2024.”

The report brings to light an important finding about the total transaction volumes and new build volumes available to calculate UK House Price Index estimates, that in recent periods, “have been lower than usual.”

The ONS has confirmed that the UK inflation is now 2%, the first time since July 2021. Despite that, the Bank of England Monetary Committee (BEMC) voted on 20 June to keep the base interest rates at 5.25%. Industry leaders don’t seem to be concerned with the BoE base rate decision, nor with the call for the UK General Election in July. The general view is that these events will not dramatically affect the current property market. The expectation is that while the sellers of some large houses may delay their entry into the market, the rest will continue with the process as planned.

Major investors in the UK housing sector, property owners re-mortgaging and new buyers are expecting some interest rate relief this summer, which is just one of many factors holding up the industry growth. Once again, the property market professionals are calling for improved market conditions attracting more investments in new build homes and first-time buyers. 

Recently Sold by Chase Evans  

Landmark, Canary Wharf, London E14

Guide Price: £490,000 L/H

Recently sold is an immaculate one-bedroom dockside apartment in the monumental Landmark development, a gateway to central Canary Wharf, London E14. The tower overlooks the Thames and enjoys excellent amenities and transport options.

For more sales in Canary Wharf contact:

(0)20 4587 5179, panp.sales@chaseevans.co.uk

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Forge Square, Isle of Dogs, London E14

Guide Price: £500,000 L/H

A spacious, two-bedroom, two-bathroom apartment with secure parking a stone’s throw from the Thames. Forge Square, London E14 is a contemporary, sought-after residential development on the southern side of Isle of Dogs.

For more Isle of Dogs sales contact:

(0)20 3468 9618, docklands.sales@chaseevans.co.uk

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Fifty-Seven-East, Dalston, London E8

Guide Price: £500,000 L/H

An impressive one-bedroom property in FiftySevenEast, a landmark development in the popular Dalston district, a stroll from fantastic amenities. The apartment is well-presented and extends onto a private balcony.

For more sales in Dalston contact:

(0)20 3432 2861, city.sales@chaseevans.co.uk

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Elephant Park, Elephant and Castle, London SE17

Guide Price: £785,000

Another outstanding central London property has been sold in Elephant Park, London SE17. This spacious, light two-bedroom, two-bathroom apartment with a balcony is close to a new park and surrounded by impressive modern amenities.

For more sales in Elephant Park contact:

+44 (0)20 3773 6582, eandc.sales@chaseevans.co.uk

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