As we approach the middle of July, it's time to take a look at how the property market has performed in the first three months of the summer quarter.
May, June, and July
House prices rose by 0.3% in May, following a 0.2% increase in April. They are expected to continue to rise in June and July, but at a slower pace than in May. The market is expected to continue to cool in the coming months, as the impact of the stamp duty holiday and interest rate rises takes hold.
Mortgage rates
Mortgage rates have been rising in recent months, which could make it more expensive to borrow money to buy a home. This could dampen demand for property and slow down the pace of price growth.
Here are some additional details about the property market in May, June, and July:
The demand for property remained strong in all three months, but there were signs that it was starting to cool in July.
The supply of property remained low, which helped to keep prices up.
The average time it took to sell a property increased slightly in July.
The number of first-time buyers decreased slightly in July.
The number of buy-to-let investors decreased slightly in July.
Conclusion
I hope you're all having a good summer holiday! If you're thinking of buying or selling a property, it's important to be aware of the current market conditions and the potential risks. I recommend speaking to a qualified property expert to get advice on your specific situation.
Overall, the property market is expected to continue to cool in the coming months, but it is still likely to remain strong in the short term. The impact of the stamp duty holiday and interest rate rises will take some time to fully materialize, and there are still a number of positive factors that could support the market.
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