On a non-seasonally adjusted basis, UK house prices rose by 0.5% between May and June 2024, maintaining a similar rate of increase compared to the same period in the previous year.
Average UK house prices increased by 2.7%, to £288,000 in the year to June, unchanged from the revised estimate for the 12 months to May.
Read the release ➡️ https://t.co/tbJnxzB2Xt pic.twitter.com/LhshQlBICg
— Office for National Statistics (ONS) (@ONS) August 14, 2024
“The latest ONS figures highlight the positive momentum in the housing market, marking the fourth consecutive rise in house prices,” commented Alex Upton (pictured left), managing director of specialist mortgages at Hampshire Trust Bank. “This trend reflects the strong demand from buyers across various segments.
“We are seeing great appetite from investors, whether they are looking to hold onto the property as a buy-to-let or sell it on after carrying out refurbishment work. While the market has become more challenging for amateur investors, seasoned professionals are well-positioned to capitalise on these opportunities.”
For Aman Bajwa (pictured centre), co-founder and director of Fairbridge Capital, today’s figures are proof that a tough year for UK property investors is giving way to a period of opportunity, with falling interest rates and lower inflation driving demand.
“The government’s decision to prioritise the property market in the long-term, after a number of years characterised by short-term decision making, is also increasing investor confidence,” Bajwa said. “This means we can expect higher levels of activity in the coming months, particularly in the specialist lending sector, which is primed to support borrowers who may not be served as well by mainstream lenders.”