Blog Post

Market Outlook: Sales: Price stability offers certainty to buyers

TomS - Head Tom Simper Jul 26, 2024, 10:30 AM

Political stability is a welcome boost for housing market sentiment. So too is the new government’s pro-growth agenda and ambitious targets for housebuilding.

Improved sentiment was reflected immediately in housebuilder share prices which rose as the election result was announced.

The recovery in the sales market has continued to solidify, although with a little less momentum while we waited for political clarity and as we still wait for confirmation on the interest rate cycle.

Stable prices offer buyers and sellers welcome certainty. Whilst transaction levels remain low; leading indicators for activity are stronger. Indeed, mortgage approvals are now almost back to their long-term trend.

Affordability metrics are encouraging too, underpinned by Improvements in mortgage rates and continued strong earnings growth. Source: HM Treasury Forecasts, Savills, Knight Frank, JLL, CBRE. July 2024

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