House prices fell 0.8 % in June in the property market, the biggest drop in over two years. The average home now costs around £272,000 in the UK. Source – The Guardian
More Homes Up for Sale
The number of homes on the market rose by 14 %, adding choice for buyers.
Sales agreed are up around 6 % on last year. This boost makes it easier for potential buyers to find the right home.
Mortgage Rates Stay Sub – 5%
Bank base rate remains at 4.25 %. Many fixed rates are now below 4 %.
Average two‑year deals sit just under 5 %, while five‑year deals hover near 5.2 %. That means borrowing costs are more stable than in recent years. Source – USwitch
Mortgage Lending Builds Momentum
Buying and re-mortgaging is rising steadily. UK Finance predicts around a 10 % increase in lending this year.
That reflects improved affordability and stronger buyer confidence. Source – UK Finance
Build‑and‑Planning Output
Homebuilding showed its first increase since last September however, commercial building is slowing significantly. Overall, construction reached its six-month high in June. Source – Reuters
What This Means for You In The Property Market
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Buyers now enjoy greater choice and more negotiating power.
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Mortgage rates are easing, and borrowing is more affordable.
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Builders are taking tentative steps forward as homebuilding recovers.
