Housing market on the rise. Respondents to the RICS Residential Market Survey expect the market to continue gaining momentum in the coming months. The most recent data shows a positive shift in the UK housing market, fuelled by recent falls in mortgage interest rates. Buyer demand and sales activity are both increasing, with industry professionals expecting more growth as we enter the fourth quarter of the year. In August, the number of people looking to buy a home increased by 15%, up from 4% in July. Meanwhile, house prices are rising again, entering positive territory for the first time since October 2022, with a net balance of +1 and experts predicting a steady increase over the next three months. On the supply side, there was a modest increase in the number of new property listings (+7, up from +3 in July), and the volume of appraisals suggests that this trend will continue, increasing the options for new buyers. Rising house prices and increased supply will benefit sellers. Higher prices increase their potential profit, raising the value of their property. An increased supply of homes tends to attract more buyers to the market, resulting in a competitive environment. However, if supply rises too quickly, it may reduce competition, resulting in longer selling times or lower prices. A balanced market with modestly rising prices and consistent demand is ideal for sellers because it ensures profitability while keeping buyers interested. Current market conditions should benefit sellers, and there is a growing sense of optimism, with +45% of respondents expecting sales activity to increase over the next year.
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🏘 Comprehensive Housing Market Update by B.C. Real Estate Association 📊 📈 Pent-up Demand Continues to Build as Sales Remain Slow Vancouver, BC – April 15, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year. "March capped off a slow start to the first quarter of 2024," said BCREA Chief Economist Brendon Ogmundson. "Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market." Year-to-date, BC residential sales dollar volume was up 13 per cent to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4 per cent to 15,938 units, while the average MLS® residential price was up 6.5 per cent to $995,149. The Housing Market Update is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
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Housing Market Bounce Pushes Prices Close to Record With the latest housing market updates, could now might be the perfect time to act on your property plans—here's what's happening! - Price Increases: The average asking price of a home in Britain has risen by 1.1% since March, reaching £372,324. This is just £570 shy of the all-time record set in May 2023. - Top-of-the-Ladder Homes: The biggest drivers are high-end properties like four-bedroom detached houses and homes with five or more bedrooms, which have seen the strongest price growth in 10 years. Why More Activity? - Pent-Up Demand: After the mini-Budget in 2022, mortgage rates rose, causing some buyers to delay their plans. Now, there's a release of pent-up demand, especially for larger homes. - Increased Listings: More sellers are putting their properties on the market (+18%), and sales have increased across all property types, especially top-of-the-ladder homes (+20%). What's Happening to House Prices? - 2023 Trends: Average asking prices drifted down slightly in the second half of 2023 but have since edged back up by 1.7% compared to last year. - Seller Confidence: Increased market activity has led new sellers to set higher asking prices, reflecting confidence in the current market. Why Act Now? - Activity: The current positive activity levels suggest now is an ideal time to find your next home, especially before the quieter summer months. If you're considering a move, now might be the right time. Feel free to reach out for any guidance or questions—I'm here to help you navigate these opportunities and make the most of the market! Don't miss out—act now! 🏡✨ 📞07920 252712 | 0330 1797155 | 📩 chloe@triplusfinancial.co.uk or send me a message
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Housing market predictions for 2025 What will happen to the housing market in 2025? After rising just above 8 percent in October 2023, the average 30-year mortgage rate has dipped to 6.84 percent as of early December 2024 — an improvement, to be sure, but not the big drop many were hoping for. “Lower interest rates will unleash some of the pent-up demand for housing in 2025,” says Bernard Markstein, president and chief economist for Markstein Advisors. “This will help keep mortgage rates above their ultra-low rate of just a few years ago, [but] rates will be lower than current levels.” Housing inventories have also been improving of late, with a 4.2-month supply at the end of October 2024, according to existing-home-sales data from the National Association of Realtors (NAR). While that is still below the 5 to 6 months typically needed for a balanced market, it’s a significant improvement from the 2.9-month supply seen back in February. And there’s growing optimism among homebuilders, too, with lower interest rates granting more potential access to capital. Political implications On top of typical housing concerns, there’s also the question of how the incoming presidential administration could impact housing. “Investors are anticipating that if President-elect Donald Trump implements a significant portion of his proposed tax cuts and tariffs, and the economy stays strong, the Fed will only cut its policy rate twice in 2025, keeping mortgage rates high,” Redfin economists Daryl Fairweather and Chen Zhao said in their 2025 predictions. As for new construction, they say, “the Republican sweep of the White House, Senate and House has improved builder confidence by bringing renewed optimism that regulatory burdens may ease.”
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The latest RICS Residential Survey for August 2024 reveals a positive shift in the UK housing market, driven by the recent drop in mortgage interest rates. Buyer demand and sales activity are picking up, with expectations of further growth as we enter the final quarter of the year. Curious about the full details? https://lnkd.in/eibPPWH3 #UKHousingMarket #RICS #RealEstate #PropertyMarket #MarketUpdate
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SEPTEMBER 2024 MARKET UPDATE Nothing spectacular or unexpected in the August real estate market statistics. 4,975 homes sold, and 22,653 homes available for sale, which means that only 1 in 4 homes is selling. This increased inventory has impacted the length of time that a well-priced home (within 5% of market value) sells, 28 days, up from 20 days a year ago. Despite these factors the average price for homes sold in the GTA stand at $1,121,832 down from $1,126,258 ($4,426 or 0.39%). In other words, on average, prices have remained stable. Yes, some areas and price ranges have been more greatly impacted, but overall, prices are relatively stable as we enter the fall market. The big question is," what does the future hold?" The outlook has not changed! Huge demand, lack of inventory created by fewer housing starts, improved economy as borrowing rates start to fall. With September's rate drop, 5-year mortgages are being offered at 4.19%! That will certainly bring buyers of off the sidelines and purchasing homes. Great opportunities exist in the market today, whether it be in price or as important, choice! Buyers today have a choice of which home to buy, something that was not available a couple of years ago, and something which will disappear once the buying surge restarts in full force. The government keeps talking about affordable housing, while at the same time increasing development charges and taxes on builders which will ultimately be passed on to consumers. It's estimated that 25% of the cost of new construction condominiums is due to permits and taxation! As we have seen in the last 2 years, if the builders do not believe they can get the prices they want, they just don't build! With housing starts down by one half from normal levels (which did not keep up to new demand), there is only one way for prices to go. If you are considering upgrading your home, buying an investment property or perhaps a condominium for your kids, now might be a good time to explore those opportunities. Give me a call, let's chat! Have a great September!
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"Housing market, is now the time to buy? " A look at the U.S. housing market 1. Current time to buy a home Experts evaluate now is the time to buy before home prices rise again. Housing prices will remain rising next year, but the rise is expected to decrease compared to this year. Some buyers don't wait any longer and have already begun their purchase. 2. House price is on record As of August 2023 housing price growth rate decreased to 4.2% year-on-year. The month-by-month drop is 0.13%, the first time since 2022. But still high price levels and mortgage interest rates are a burden. 3. a slight chance of recession Experts narrowly evaluate housing market downturn due to a stable structure different from the 2008 sub-prime incident. Lack of housing supply and high property ratio among holders are the main factors of stability. 4. Market recovery and potential for surge Addressing the housing shortage is key to recovery. It is expected to boost the purchase tax with a possibility of lower interest rates next year. Construction of new houses is increasing, but completion is delayed. 5. Outlook: Expect a change next year Some areas where resale housing properties are nearing pre-COVID levels. Mortgage interest rates drop and property increase likely to boost housing deals next year. The current housing market is still challenging with high prices and limited properties, but next year's outlook could improve. [Source Korea Daily]
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"Housing market, is now the time to buy? " A look at the U.S. housing market 1. Current time to buy a home Experts evaluate now is the time to buy before home prices rise again. Housing prices will remain rising next year, but the rise is expected to decrease compared to this year. Some buyers don't wait any longer and have already begun their purchase. 2. House price is on record As of August 2023 housing price growth rate decreased to 4.2% year-on-year. The month-by-month drop is 0.13%, the first time since 2022. But still high price levels and mortgage interest rates are a burden. 3. a slight chance of recession Experts narrowly evaluate housing market downturn due to a stable structure different from the 2008 sub-prime incident. Lack of housing supply and high property ratio among holders are the main factors of stability. 4. Market recovery and potential for surge Addressing the housing shortage is key to recovery. It is expected to boost the purchase tax with a possibility of lower interest rates next year. Construction of new houses is increasing, but completion is delayed. 5. Outlook: Expect a change next year Some areas where resale housing properties are nearing pre-COVID levels. Mortgage interest rates drop and property increase likely to boost housing deals next year. The current housing market is still challenging with high prices and limited properties, but next year's outlook could improve. [Source Korea Daily]
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"Housing market, is now the time to buy? " A look at the U.S. housing market 1. Current time to buy a home Experts evaluate now is the time to buy before home prices rise again. Housing prices will remain rising next year, but the rise is expected to decrease compared to this year. Some buyers don't wait any longer and have already begun their purchase. 2. House price is on record As of August 2023 housing price growth rate decreased to 4.2% year-on-year. The month-by-month drop is 0.13%, the first time since 2022. But still high price levels and mortgage interest rates are a burden. 3. a slight chance of recession Experts narrowly evaluate housing market downturn due to a stable structure different from the 2008 sub-prime incident. Lack of housing supply and high property ratio among holders are the main factors of stability. 4. Market recovery and potential for surge Addressing the housing shortage is key to recovery. It is expected to boost the purchase tax with a possibility of lower interest rates next year. Construction of new houses is increasing, but completion is delayed. 5. Outlook: Expect a change next year Some areas where resale housing properties are nearing pre-COVID levels. Mortgage interest rates drop and property increase likely to boost housing deals next year. The current housing market is still challenging with high prices and limited properties, but next year's outlook could improve. [Source Korea Daily]
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"Housing market, is now the time to buy? " A look at the U.S. housing market 1. Current time to buy a home Experts evaluate that now is the time to buy before home prices rise again. Housing prices will remain rising next year, but the rise is expected to decrease compared to this year. Some buyers don't wait any longer and have already begun their purchase. 2. House price is on record As of August 2023, the housing price growth rate decreased to 4.2% year-on-year. The month-by-month drop is 0.13%, the first time since 2022. But still high price levels and mortgage interest rates are a burden. 3. a slight chance of recession Experts narrowly evaluate the housing market downturn due to a stable structure different from the 2008 sub-prime incident. Lack of housing supply and high property ratio among holders are the main factors of stability. 4. Market recovery and potential for surge Addressing the housing shortage is key to recovery. It is expected to boost the purchase tax with the possibility of lower interest rates next year. Construction of new houses is increasing, but completion is delayed. 5. Outlook: Expect a change next year Some areas where resale housing properties are nearing pre-COVID levels. Mortgage interest rates drop and property increase likely to boost housing deals next year. The current housing market is still challenging with high prices and limited properties, but next year's outlook could improve. [Source Korea Daily]
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"Housing market, is now the time to buy? " A look at the U.S. housing market 1. Current time to buy a home Experts evaluate that now is the time to buy before home prices rise again. Housing prices will remain rising next year, but the rise is expected to decrease compared to this year. Some buyers don't wait any longer and have already begun their purchase. 2. House price is on record As of August 2023, the housing price growth rate decreased to 4.2% year-on-year. The month-by-month drop is 0.13%, the first time since 2022. But still high price levels and mortgage interest rates are a burden. 3. a slight chance of recession Experts narrowly evaluate the housing market downturn due to a stable structure different from the 2008 sub-prime incident. Lack of housing supply and high property ratio among holders are the main factors of stability. 4. Market recovery and potential for surge Addressing the housing shortage is key to recovery. It is expected to boost the purchase tax with the possibility of lower interest rates next year. Construction of new houses is increasing, but completion is delayed. 5. Outlook: Expect a change next year Some areas where resale housing properties are nearing pre-COVID levels. Mortgage interest rates drop and property increase likely to boost housing deals next year. The current housing market is still challenging with high prices and limited properties, but next year's outlook could improve. [Source Korea Daily]
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