Market recovery continues
After starting the year with a moderation of -1.7%, annual house price growth has recovered to 2.7% in June, bringing the average price of a property to £287,927.
This is the first month since April 2023 that all UK regions are recording positive annual price growth. Northern Ireland is experiencing the strongest growth at 6.4%, followed by Yorkshire and the Humber (4.7%) and Scotland (4.3%).
Confidence should continue to return to the housing market across the coming months, as inflation remains under control and interest rates are now taking their first steps downwards. Source: Dataloft by PriceHubble (https://inform.dataloft.co.uk/), ONS, UK HPI. June 2024.
The fact that every region in the UK saw property growth in June (yes there is always a lag as data needs to be collected) is a great indicator that things are looking up.
Congratulations to Northern Island for topping the charts. 6.4% is a whopping improvement.
Yorkshire & Humber, The North East & Scotland all hit impressive numbers. 4.7%, 4.2% & 4.3% respectively.
Perhaps the surprise in the pack was the North West at 3.7%. Healthy figures but a slow down in what has been a hot bed for ages.
East of England
Market recovery continues
To a degree, what happens in other UK regions is irrelevant to Harlow home owners. The East of England has, along with London, been the worst performing regions in the UK.
London is important to Harlow because it is a ‘magnet’ for Londoners trying to get onto the property ladder.
As Harlow estate agents, Jukes Estate Agents Harlow know the importance of the London market. Co owner Geoff Flewers says: “As London at last appears to haver turned the corner and seen an increase for the first time in ages, this will undoubtedly deter people from trying to buy in the capital. Harlow attracts buyer from all over London. However, the real hot spots are the London boroughs of Waltham Forest, Redbridge and Enfield. This has definitely been the main factor in Harlow property prices increases.”
East of England saw a 1.2% increase.
Harlow saw a 1.5% increase.