APRIL 2024 | PROPERTY MARKET REVIEW
In our market review for April 2024, we look back on noteworthy surveys and reports, significant policy decisions and other developments affecting the UK residential property sector.
Many sources continue to report an improvement in market confidence, which is partly driven by expectations of lower mortgage rates in the coming months. The Bank of England has signalled that the next move in the base rate will be downward, but it has offered no indication as to the timing.
In recent weeks, domestic and international economic reports have prompted a great deal of “will-they-won’t-they” speculation on that same question. A recently reported fall in CPI inflation, coupled with weak economic growth, are arguments in favour of an early cut. But against that, the Bank must weigh inflationary risks arising from other factors, such as strong growth in average earnings, ongoing conflicts in the Middle East and continuing disruption to shipping through the Red Sea.
Nevertheless, buyers and sellers alike seem convinced that rates will eventually fall and, as a result, we’re seeing increasing sales activity and a return to annual price growth. Of the indices shown below, most are now positive. Aside from ONS, whose figures relate to February, only Zoopla’s annual rate remains negative. All others show average values rising again.
Darren Bennett
Managing Director
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