UK property prices have been experiencing fluctuations recently, with various factors influencing the market dynamics. According to recent data, the overall trend shows a slight decrease in house prices.
For instance, Halifax reports that the average house price in May 2024 was £288,688, which represents a 1.5% increase from the previous year but a slight monthly decline of 0.1% (Home).
Similarly, Zoopla's House Price Index indicates a minor annual decline in house price inflation at -0.1%, though there has been a modest quarterly increase of 0.4% (Zoopla).
Several factors are contributing to these changes, including higher mortgage rates, increased supply of homes on the market, and shifting demand patterns post-pandemic.
The number of homes for sale is at its highest in eight years, with many sellers returning to the market as mortgage rates stabilise and buyer activity increases (Zoopla).
However, the increased supply is expected to keep house price inflation in check for the remainder of 2024.
Overall, while there are pockets of stability and slight increases in certain areas, the broader trend suggests a cooling in the housing market, with prices stabilising or slightly declining.
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