The UK property market continues to demonstrate its resilience, despite a slight slowdown in house price growth, according to the latest data released by the Office for National Statistics (ONS).
Average house prices increased by 2.2% to £290,000 in August, compared to 2.7% growth in the 12 months to June. While the rate of growth has moderated, the market remains buoyant, supported by stable inflation and optimism around future reductions in the Bank of England’s interest rate.
In England, average residential property prices rose by 1.6%, bringing the typical price to £306,000. The rental market has also seen near-record highs, with average private rents edging up to £1,286 per month, reflecting ongoing demand for rental properties across the UK.
Malcolm Prescott, Managing Director of Webbers Estate Agents, commented on the market trends. "Webbers operates across a wide geographical area with 13 offices covering North Devon, Cornwall, and Somerset. While local market forces can vary, we see many similarities from town to town. The housing market remains price-sensitive, given the increased availability of properties, but we are confident that positive sentiment among buyers and sellers will grow."
Malcolm Prescott noted that Webbers' property stock has increased by approximately 30% compared to the same period last year. However, he acknowledged that sales are taking longer to reach the exchange of contracts, with the typical timeframe now extending to 12 to 13 weeks. Despite these challenges, Malcolm remains optimistic about the future, particularly if the Government takes steps to assist first-time buyers in the upcoming budget.
"We believe that targeted action from the Government, especially in support of first-time buyers, would significantly boost confidence and drive activity in the market," Prescott added.
With steady inflation and the expectation that interest rates will ease over the next year, industry experts like Webbers Estate Agents maintain a positive outlook for the UK property market.
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