Home prices have remained stable in recent weeks, but the overall market remains “stable,” according to new figures from a leading real estate website.
Rightmove said there was 0% growth in the four weeks to June 8, compared to the previous month.
The average price of a property coming to market was £375,110 during the period – a statistically insignificant drop of £21 from May’s record high of £375,131.
He said annual prices rose 0.6%.
Despite the stagnant numbers, Rightmove said market activity “remained broadly stable”.
The property website also said the upcoming general election appears to have had a limited impact as most buyers and sellers continued with their plans after the call.
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Separate figures from lenders in recent months have suggested that prices were flat or was it rising slightly since the beginning of the year.
Commentators say that continued accessibility pressures, such as high mortgage rateshave hit demand – but expect prices and activity to recover as the year progresses.
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A Rightmove spokesperson said its figures suggest “activity remains largely stable” despite the general elections being called.
They added: “The number of sales agreed and the number of buyers sending inquiries to agents remain stable, with the vast majority of those already in the home moving market continuing with their plans.
“One exception is possible election wariness among some would-be sellers, which is more pronounced for those at the higher end of the market, typically more discretionary, some of whom appear to be pausing their plans to see how the next few weeks unfold.”
Nathan Emerson, chief executive of estate agent body Propertymark, said: “It is extremely positive to see stability in the property market and despite a challenging period of high inflation and high interest ratewe are witnessing people approaching the market with growing confidence.”
He added that a cut in interest rates would help boost demand, potentially triggering a “raft of competitive mortgage deals.”
He comes in front of bank of englandfinal decision on the matter at lunchtime this Thursday.
However, most commentators do not believe that the Bank will reduce interest rates yet and expect that, instead, be maintained at 5.25% for the seventh consecutive time.
This story originally appeared on News.sky.com read the full story
