Press Round Up July 2024

Tue 20 Aug 2024

Nationwide reports an increase in house prices in June. Jeremy Leaf, principal of Jeremy Leaf & Co, told The Evening Standard: “Early spring optimism all but disappeared when it became apparent that any reduction in mortgage rates would be delayed. This reliable indicator of housing market health also shows how the election announcement had little impact on prices or activity and underlines how cash purchases are playing a more important role. Now that inflation has started to fall, expectations are growing that the drop in base rate may not be delayed too long after all."

Meanwhile. Halifax reported that it found prices were subdued in June for the third month in a row, although there were hopes of improvement in the market. Jeremy Leaf told The Guardian: “The election definitely added to nervousness in the property market but slower-than-expected falls in mortgage rates weighed more heavily. We are hearing in our offices and on the ground that most buyers and sellers put moves on hold so we expect the resilient recovering of activity to remain.” He added in This is Money: "Looking forward, the rise in listings means prices will stay stable and the arrival of a new government will add certainty."

Those selling seven-figure homes are finding it is taking much longer to find a buyer. Jeremy Leaf told The Telegraph: “Some lenders are nervous about longer-term prospects for the market [which is not helping]. Generally when that is the case, transactions tend to be a bit more fraught, chains tend to be more involved and therefore the time taken to get to exchange and completion can be quite a bit longer too.”

If you want to sell your home quickly, there are various measures you can take to make it more appealing to buyers. Jeremy Leaf told The Daily Mail: “Try not to time the market, as that rarely works out. If you can wait a little while before putting your property up for sale, this might be a good idea so you can find out how the land lies. But it’s worth speaking to a trusted local agent about this approach and find out what’s happening with other sales in your area – are they speeding up or are there more viewings now that some of the uncertainty has gone? Try to be guided by local market conditions, as these could be very different from the national picture."

Property values rose 1.2% in May, Jeremy Leaf told Forbes: “Though the figures are a little historic, this is the most comprehensive of all the housing surveys as it includes the approximate 40% of properties bought without mortgages, and has proved a reliable indicator of market health. The figures reflect the period in particular before the announcement of the election, but that event put the brakes on activity for some as it created considerable uncertainty. Many will hope today’s announcement of inflation holding steady at 2% and on target will hasten the albeit small drop in Bank of England Bank Rate next month, which is of more relevance to decision-making."