Q3 2024 REVIEW
The market optimism that began towards the end of the first quarter of the year has continued, buoyed up by rising market activity and the first, long-awaited cut in the base rate. That has prompted an upturn in buyer enquiries, property sales and average values across nearly all parts of the UK.
· Market sentiment is improving, with more households looking to make purchases and expecting house price growth in the coming months.
· Sales activity has accelerated since the General Election, partly due to the Bank of England’s decision to reduce the Base Rate of lending.
· Average earnings are continuing to rise faster than inflation, which is helping households to regain some spending power in the aftermath of the cost-of-living crisis.
· House prices generally are trending in a positive direction.
· Prices are rising faster than inflation in Britain’s more affordable property markets.
· Rental demand remains strong.
· Growth in rental values continue to outpace inflation by a substantial margin.
· Average yields are exceeding inflation in all UK regions.
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