Autumn market update
September saw a raft of more positive headlines on the housing market, thanks in part to interest rate cuts post election and the anticipation of more in the autumn. The latest Halifax index shows annual growth at 4.3%, Nationwide suggest average UK house prices rose at their highest annual rate since December 2022 during August and Bank of England data shows mortgage approvals for July were at the highest level since September 2022.
Leaving aside data from mortgage approvals, the Land Registry (actual completions) suggest average prices rose 2.2% annually and Savills suggest the size of the UK housing market is now slightly larger than its pre-pandemic average.
Looking at more local figures from our own monthly surveys, supply of available property continues to rise a little (up 11% now vs the same period last year) and recent new instructions follow a similar pattern. The influx of more property has naturally had an effect on selling times (median average now 17% slower than Sept 2023 at 53 days). However, two critical statistics show a slightly different story – there were 197 sales agreed across Bath in the last month which is 12.5% higher than the same month a year ago, along with 13% less price reductions.
Concerns over policy changes in the October budget – particularly speculation over adjustments to capital gains tax – and stubbornly high BTL mortgage rates have slowed activity over summers end from some investors but the residential market remains very active heading into autumn. First time buyer appropriate property, bungalows and larger family homes remain in extremely high demand alongside Victorian terraces in close suburbs. In some of these sectors, supply levels are still at very low levels, causing significant competition amongst buyers in many recent cases.
Delighted to announce a big achievement for us this month too!
We have heard we have been rated Exceptional (Gold) by the Best Estate Agent Guide for 2024 (the fourth year in a row we have achieved such a result). Agents rated at this level are the top 10% in the nation and this is the only industry survey that grades all estate agents in the country by mystery shopping and data comparison.
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