June House Price Index
Fifth price record this year but further signs of pace easing
Price of property coming to market hits a fifth consecutive record of £368,614, albeit only up by a modest 0.3% in the month (+£1,113), as the pace of price growth slows
Affordability constraints, a better balance between supply and demand, and usual seasonal price drops will contribute to further slowing of price growth in coming months, with annual growth still on track to be 5% by the end of the year:
- Buyer demand for each available property is down by 8% in May compared to April, but remains 6% higher than last year, and more than double (+113%) the pre-pandemic five-year May average
- In addition, there are signs of more fresh choice for buyers, with the number of properties coming onto the market for sale up by 7% compared to this time last year, but still below 2019 levels
Conveyancing log-jam means sellers need to come to market in the next few weeks to be in with the best chance of moving before Christmas, with the average time to get through conveyancing currently 150 days
More than 500,000 homes are currently sold subject to contract, which is 44% higher than 2019
Trends:
Read the full report here: House Price Index
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