Asking Price Index – August 2024
Here’s a summary of the recent property market trends across England, Wales, and Scotland based on the data provided:
Price Trends:
- Asking Prices: Prices increased by 0.2% over the last month across England and Wales, marking the seventh consecutive monthly rise. This brings prices to a 1.2% increase compared to August 2023. House prices are on track to be 2.5% higher over 2024 with 1.1m sales.
- Regional Variations: Price inflation has improved across all regions of the UK. It remains slightly negative in southern England, but London’s positive at 0.2%
Sales Stock:
- Unsold Inventory: The number of unsold properties in England and Wales has risen to a 10-year high for August, with nearly 6,000 additional properties added to agents’ portfolios. The total unsold stock now stands at 494,837.
Market Momentum:
- Time on Market: Despite the increase in unsold inventory, the market remains relatively healthy. The median time on the market for unsold properties is four days less than in August 2019, though it is nine days more than in August last year.
- New Listings: The number of new property instructions entering the market in July 2024 was 4% higher than in July 2023.
- Seller Activity: Sellers are bringing homes to market at higher-than-average rates, contributing to the increase in sales agreements. Many sellers are also buyers, adding to market activity.
- Housing Supply: The number of homes for sale has reached a 7-year high, with an average of 33 homes per agent. This increase in supply is expected to keep price inflation moderate through 2024 and into 2025.
The housing market has shown significant improvement over the past year, fuelled by economic growth and rising consumer confidence. Key indicators such as buyer demand, sales agreements, and mortgage rates all underscore this positive trend. Buyer demand for homes has increased by 20% compared to last year, reflecting heightened market interest. Additionally, new sales agreements have jumped by nearly 25%, maintaining the momentum from earlier in the year.
Overall, the housing market is experiencing a period of robust activity, with increasing supply and stable prices, providing buyers with more options and sellers with opportunities to transact quickly if they price their homes realistically.
