Market Index

House price growth in global cities is outpacing national averages, according to Knight Frank's latest indices - but signs point to a general property market slowdown.

"Buyer demand remains high but there are now signs that market is softening," says Zoopla's research chief, as more vendors cut asking prices and deals take longer to materialise.

“A lack of homes for sale rather than a lack of desire from buyers is what is dictating the pace of the market,” says Rightmove, as the UK’s average asking price rises 2.1% in a month.

Official data points to a property market slowdown.

The average London rent bill has risen 15.7% in the last year, reports Zoopla.

"It seems that limited supply available on the market, coupled with steady demand growth, are still the overriding drivers of house prices," says the RICS' chief economist.

“Having taken stock during the first three months of the year people are now coming to market and being decisive," says Russell Grieve, office head at Knight Frank Haslemere.

Competition for family homes in Edinburgh is "fierce", says Knight Frank, while flats have "found renewed popularity after a pandemic-inspired hiatus.

"The property markets in central and outer London are increasingly on different trajectories," says Knight Frank, as the latest market indices shine a light on sales and lettings trends.

“Although the current land market remains buoyant, capacity for further growth is limited," warns Patrick Eve, Savills head of regional development.

Surging house price inflation has pushed 4.3 million homes into a higher stamp duty bracket since the start of the pandemic, estimates Zoopla.

"Buyers are still predominantly paying asking price and above meaning the ball is still firmly in the seller’s court," says Propertymark in its latest monthly market update.