The UK housing market has experienced a temporary slowdown in recent weeks, with Purplebricks chief executive Michael Bruce attributing the pause to the World Cup and warm weather conditions.
Speaking on BBC Radio 4’s Today Programme following the publication of the Lloyds house prices index, Bruce commented on current market conditions compared to his previous tenure as Purplebricks co-founder.
“Naturally, where you have events such as the World Cup, coupled with the great weather that we are getting currently, it does have a short-term impact,” Bruce said. “I expect that in the second half of this year that will come back, but in the last month or so, that has had an impact.”
Market confidence drives activity
Bruce emphasised that confidence, rather than house prices or interest rates, serves as the primary driver of housing market activity. “When people feel confident about their finances, and the future, they move,” he stated.
He noted a shift in sentiment in recent weeks, saying: “Wars, oil crisis, rising interest rates – all those things changing slightly in the last four weeks or so, have definitely made an impact in terms of people feeling a little bit more confident.”
The comments reflect broader trends affecting senior property professionals across the sector, as market conditions continue to evolve.
Price data shows modest recovery
The Lloyds data showed the average property price reached £299,330 in June, up from £298,812 in May. This represents a 0.2% monthly gain, ending a run of four consecutive months without growth.
Annual house price growth ticked up marginally to 0.6%, though the figures remain modest due to stretched affordability and high borrowing costs. The data comes as process reforms could release 260,000 homes to market, potentially affecting supply dynamics.
Industry observers will be monitoring whether the predicted second-half recovery materialises as seasonal factors diminish and market confidence continues to stabilise.
