Rightmove recently published its August House Prices Index and summarised the state of the nation’s housing market. Here’s the key points:
- Nationally, the monthly asking price has dropped by 1.5%, in line with the long-term August trend;
- Annual average asking prices have increased by 0.8%;
- Since the Bank of England rate cut of 1st August, demand has increased by 19%, a massive upturn.
As Tim Bannister, Rightmove’s Director of Property Science stated:
“Buyers and sellers are more optimistic about the outlook for the market.”
And what of Yorkshire, our little patch of this house buying, house selling nation? Well, we’re particularly buoyant:
- In the Yorkshire region, the monthly asking price has increased by 0.3%;
- Annual average asking prices have increased by 3.5%;
Alongside the North East and North West, we’re outperforming all other areas of England, Wales and Scotland.
House price growth isn’t always good news. It can price out young people, and affordability is a major issue, particularly when interest rates start to rise. But it’s great to see confidence in the Yorkshire housing market, and potentially see some natural levelling up.
Whether you’re looking to buy, sell or mortgage your home, AWB Charlesworth Solicitors Limited has the expertise to guide you through the conveyancing process.
Conveyancing at AWB Charlesworth
Conveyancing – how to get ahead of the game
And to read the full Rightmove August 2024 House Prices Index report, click here.
9 September 2024
For more information, call into our Keighley or Skipton office or contact Declan Hayes on 01756 692888 or declan.hayes@awbclaw.co.uk
