August Property Report 2024

Your Insight to the August 2024 Property Market

Bank Rate Cut Ignites Market Confidence: Experience the Integra Estates Difference

The property market is buzzing with new energy, fuelled by the recent Bank of England rate cut—the first in four years. As we move towards a more active autumn market, there’s a renewed sense of optimism and opportunity for both buyers and sellers.A Positive Shift in Market Dynamics This August, the average asking price for new listings dipped by 1.5% (£5,708), in line with seasonal trends. It’s a pattern we’ve seen for the last 18 years, as families focus on summer holidays, often pausing their home-moving plans. Yet, this year feels different. The recent rate cut has sparked a surge in buyer interest, with enquiries jumping 19% since August 1st compared to the same period last year. This renewed activity suggests that we’re entering a period of growth and stability, with Rightmove now revising its 2024 forecast from a 1% decline to a 1% increase in seller asking prices.

A Positive Shift in Market Dynamics This August, the average asking price for new listings dipped by 1.5% (£5,708), in line with seasonal trends. It’s a pattern we’ve seen for the last 18 years, as families focus on summer holidays, often pausing their home-moving plans. Yet, this year feels different. The recent rate cut has sparked a surge in buyer interest, with enquiries jumping 19% since August 1st compared to the same period last year. This renewed activity suggests that we’re entering a period of growth and stability, with Rightmove now revising its 2024 forecast from a 1% decline to a 1% increase in seller asking prices.

Why Now is the Time to Act The property market is in a much stronger position than it was a year ago. Sales agreements are up 16%, and new sellers entering the market have increased by 5%, reflecting growing confidence among homeowners. Rightmove’s data also shows that mortgage rates are becoming more favourable. The average 5-year fixed mortgage rate has dropped to 4.80%, down from 5.82% last year, with the best rates as low as 3.83% for those with a 40% deposit.

As the summer is soon to draw to a close, this combination of factors creates the perfect conditions for a vibrant and dynamic autumn market. Sellers who might have hesitated earlier in the year now have the opportunity to enter a more confident and competitive market. Buyers, too, are finding more attractive mortgage options, which is boosting overall market activity.

The Integra Estates Difference At Integra Estates, we’re excited about these positive trends, and we’re here to help you navigate this changing landscape with confidence. Our commitment to excellence and personalised service means that we’re not just another estate agent—we’re your trusted partner in achieving your property goals. Whether you’re buying or selling, we’re dedicated to making your experience seamless, stress-free, and successful.

Now is the perfect time to explore your options and take advantage of the favourable market conditions. If you’re considering selling, our expert team is ready to help you position your property to attract the right buyers. And if you’re looking to buy, we can guide you through the process to find the perfect home.

Experience the Integra Estates difference for yourself. Contact us today at 0203 870 00 00, email [email protected], or visit Integra-estates to learn how we can help you make the most of this exciting market upturn. Let’s move forward together, with confidence and success.