The Royal Institution of Chartered Surveyors (RICS) have announced that surveyors expect activity to pick up over the next three months and predict an increase in the year ahead.
The Halifax, one of the UK’s major lenders also said house prices are likely to rise for the rest of the year. They reported house prices in July 2024 were 2.3% higher than the same month a year earlier.
Amanda Bryden, Head of Mortgages at Halifax said “In July, UK house prices increased by +0.8% on a monthly basis, following three relatively flat months. Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder.
Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”
A survey by property portal Zoopla suggests that some buyers will make an offer after short viewings. Zoopla reported a fifth of buyers questioned said they had looked around for less than 20 minutes before putting in their bid. Some spent less than five minutes looking around, although the average was 49 minutes.
These forecast price rises combined with the reduction in interest rates means now is the perfect time to buy.
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*Figures taken from Halifax House Price Index and BBC.co.uk/news