The UK housing market is set to experience a strong autumn driven by increased supply, heightened buyer and seller activity, and a renewed confidence following the recent interest rate reduction.
That is according to Nicky Stevenson, managing director of Fine & Country.
He said: “Traditionally autumn brings renewed momentum to the housing market.
“The summer period typically sees a slowdown as many aspiring homeowners pause their search until after their holidays. As the seasons change, we usually observe an uptick in activity.”
Property transactions in September tend to be 12% than August, based on the past five years. Prices also tend to fall in August, giving room for a recovery.
The recent interest rate cut has already positively impacted the market, with demand continuing to strengthen and mortgage approvals in July reaching their highest level in almost two years, up 26% year-on-year.
Transaction levels have also steadily recovered, up 6.7% year-on-year in July.
Stevenson added: “The supply of homes for sale now stands at a 7-year high, with an average of 33 homes per agent, giving buyers more choice.
“This increased supply is expected to keep house price inflation under control throughout 2024 and into 2025.
“Despite strong earnings growth, elevated mortgage rates mean that buyers remain price sensitive and modest levels of house price growth will help affordability rebalance further.”
