Are property prices increasing? It’s a question that we get asked a lot. Sellers hope they are, buyers hope they are not! Here are the facts.
In August, we saw UK house prices rise by a modest 0.3%, with annual growth picking up to 4.3% – the fastest we’ve seen since late 2022. However, it’s worth noting that this increase is partly due to comparing this year’s figures to a much weaker growth period last year.
The recent rate cut by the Bank of England and mortgage rates starting to trend downwards have helped boost buyer confidence.
In fact, 37% of property pundits are now predicting that sales prices will rise over the next three months, and are expecting house prices to rise by 1.4% through 2024, a big shift from the -2.2% prediction we had this time last year.
Closer to home here in Lancaster, things are a bit more mixed. Over the last 12 months, property prices across the LA1 postcode have dipped by an average of 1.3%. However, August saw a positive change, with prices increasing by 0.8%. It’s a good sign that the local market may be starting to catch up with the growth seen elsewhere in the country.
While we’re seeing some promising signs, it’s important to remember that affordability continues to be challenging for many buyers, which could keep house price growth slightly more restrained in the coming months.
What are your views on Lancaster property prices? I would love to know. If we can help you with anything at all property-related, please get in touch. At JDG we are here to help.
Thanks for reading
Michelle x
