July Rightmove House Price Index
Explore the latest housing market trends with our overview of Rightmove's July House Price Index.
Get the latest insights on the housing market with our overview of Rightmove’s latest House Price Index.
Market Maintains Momentum Despite More Tentative Top-End
The average price of property coming to market for sale drops by just £21 this month (0.0%) to £375,110 after reaching a record high in May. Prices in June follow a familiar seasonal pattern, remaining flat.
Regional Growth
Less expensive and northerly regions show stronger price growth, with five of the six cheapest regions reaching new price records. In contrast, the higher-priced East of England and London lag behind.
Stable Buyer Activity
The majority of buyers and sellers have continued their plans since the election was called. Over the last four weeks, sales agreed have stayed steady at 6% higher than a year ago. Buyer demand remains stable, now 5% higher than last year.
Top-End Caution
There is a slight drop in the number of new sellers, especially at the top-end of the market. In the two weeks since the surprise election announcement, the number of top-end sellers coming to market is 3% lower than a year ago.
Mortgage Rates
Stubbornly high mortgage rates continue to stretch affordability. The average 5-year fixed mortgage rate is now 5.04%, compared with 4.94% in January.
Regional Variations
Price trends differ across Great Britain. The strongest price growth is in less expensive and more northerly regions. The higher-priced East of England and London regions lag, showing this month’s only regional price falls.
Future Outlook
The housing market is expected to maintain its momentum despite high mortgage rates. A potential Bank of England rate cut could lead to lower mortgage rates. This could have a much wider and immediate impact on the market than current housing policies.
For further insights, check out Rightmove's House Price Index.
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