Property Market News

Property prices dipped in PCL in Q2, reports JLL - but the estate agency has seen a sharp rise in potential buyers registering with its central London offices.

After two years of unprecedented growth, it looks like house price inflation is losing momentum.

Property markets "tend to follow a predictable sequence in downturns," says Capital Economics - and the pattern has already started in the UK and USA.

“Some may frown upon second home owners, but the fact of the matter is that the vast majority are buy-to-let landlords, not high-end homeowners restricting stock availability by purchasing rarely used…

"We’ve seen a real mark of intent from high-end buyers" in prime London, says estate agency boss, as demand climbs after slow start to the year.

“House price growth is peaking as supply rebuilds and mortgage rates normalise," says Knight Frank's research chief, Tom Bill.

GetAgent reckons some areas are seeing one in every five new property listings find a buyer within a fortnight.

Estate agents "continue to report a strong, stable market," says Propertymark, with 78% of sales being agreed above asking price.

Average house prices across the EU-27 have increased by 39% since 2016, while the UK has seen 31% growth.

An inevitable rebalancing of supply and demand "will take time", says property portal. Until then, "the ‘new normal’, an elevated version of the pre-pandemic market continues."

"There are likely to be some month-on-month price falls during the second half of the year," says Rightmove.

Central London rents are bouncing back hard from pandemic depths, suggests Hamptons' latest letting index.