The UK property market is witnessing a steady recovery with increasing buyer demand, transaction levels, and prices. The economic landscape is improving, marked by a 0.6% growth in GDP between January and March 2024 and a drop in inflation to 2.3% by April 2024.
As a result, the Bank of England is expected to cut interest rates soon, possibly bringing the base rate to 4.5% by the end of 2024. This anticipated rate cut, combined with growing consumer confidence and a boost in mortgage approvals, is fueling optimism among buyers. Additionally, despite the upcoming general election on July 4th, market activity is expected to remain strong, with the sales pipeline already showing a 3% increase compared to last year.
Read your local regional report
Dive into our local regional reports for Devon, Cornwall, and Somerset to stay informed about the latest property market trends in your area!