According to Home, the northern markets are currently outperforming the southern regions, and the rate cut may put these markets into overdrive in the near term.
The East of England and Greater London are expected to keep recovering slowly despite the rate cut due to their comparatively low rental yields.
However, northern markets have already recovered to above 2022 levels and continue to grow at inflation-beating rates. Home states that the prospects are even more promising thanks to the rate cut.
The unsold sales stock count for England and Wales saw another uptick over the last month, reaching a 10-year high for August. Close to 6,000 properties were added to agents’ portfolios, bringing the total unsold stock to 494,837.
Market momentum is in relatively good shape, as suggested by the median typical time on the market for unsold property, four days less than in August 2019.