Market updates: June

The latest Rightmove House Price Index has been released, and across the country, the property market has remained stable this month with a 0% change in the average house prices. Currently, the average cost of a home in Yorkshire is £254,020, which is a 2.8% increase on this time last year with the number of sales being agreed 6% higher than a year ago. 

According to Rightmove, so far the election hasn’t affected the plans of either buyers or sellers with the only sign of election caution being a slight drop in the number of new sellers especially at the typically more discretionary top-end of the market. 

What does this mean for buyers in our region? 

Unless you are looking to relocate and purchase at the very top end of the market, your moving experience should remain largely unchanged from April and May.  

With prices remaining relatively stable, you can be more confident in your property search, although affordability should still be at the forefront of your mind. The average five-year fixed mortgage rate is currently 5.04% compared with the January rate of 4.94%, and it is important to consider how this might change going forward. Although it is expected that the Bank of England will cut the base rate soon, this is not guaranteed and might mean you have to reconsider the timing of your move.

What the HPI means for sellers. 

Data also shows that demand from buyers remains stable, sitting at 5% higher than last year. This supports Rightmove’s poll of over 14,000 people, where 95% of those planning to move home said that the election will not affect their plans. So if you are thinking about selling, then you can be confident that there is still a lot of interest from potential buyers in the market. 

If you are thinking about selling and want your moving process to be as seamless as possible, then you need our Swift Move service.

Ideal for vendors in a position to sell more quickly, Swift Move removes any unnecessary delays by providing more legal information at the initial stage to help speed up sales and avoid fall-throughs. 

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