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UK Property Market Shows Stability Amid Economic Pressures

UK Housing Market Shows Stability Amid Economic Pressures

Recent figures from Rightmove, a prominent property website, reveal that UK house prices have remained stable over the past month.

In the four weeks leading up to 8 June, the average property price was £375,110, reflecting no significant change from the previous month's record high of £375,131. This small decrease of £21 is statistically insignificant, indicating a steady market.

Year-on-year, house prices have risen by 0.6%, showing some growth despite the current economic challenges. The market's overall stability is underscored by consistent buyer and seller activity. According to Rightmove, the general election has had minimal impact on market behaviour, with most participants continuing with their plans as usual.

While there is a slight hesitation among some high-end property sellers due to the upcoming election, the majority of the market remains unaffected.

The Bank of England's upcoming decision on interest rates is eagerly awaited. Most experts do not anticipate a rate cut at this time, expecting the rate to remain at 5.25% for now. However, any future reduction in interest rates could boost demand by making mortgages more affordable.

In summary, the UK housing market continues to demonstrate resilience and stability despite economic pressures and political uncertainties. This steady environment offers a cautiously optimistic outlook for both buyers and bridging lenders in the coming months.


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