SEPTEMBER 2024 | PROPERTY MARKET REVIEW
In our market review of September 2024, we look back on noteworthy surveys and reports, significant policy decisions and other developments affecting the UK residential property sector.
Numerous sources point to a continuing improvement in market confidence and levels of activity. At the start of the month, the Bank of England reported that the number of mortgages approved had risen to its highest total since September 2022. In the same week, HMRC noted that the number of house sales had risen for the fourth consecutive month, equating to a +17% increase year-on-year.
Optimism about falling mortgage costs is certainly helping to buoy the market, as is a slow easing in cost-of-living pressures. Inflation is back to an acceptable level, and real-terms average earnings are rising steadily. This all augurs well for a period of sustainable capital growth and improving returns for investors.
Darren Bennett
Managing Director
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