House Prices and Mortgage Approvals Hit New Highs: A Sign of Market Recovery

According to Nationwide data, the average UK house price rose at their highest annual rate since December 2022, during August 2024. With average house prices and mortgage approvals hitting new highs through these summer months, experts are taking these are signs of market recovery.

With the average UK house price rising at its highest annual rate since December 2022 in this last month, according to Nationwide Data, experts are advising of market recovery ahead. Mortgage approvals are also hitting new highs through the summer of 2024; another encouraging sign that the market is recovering.

“Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.”
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Robert Gardner, Chief Economist for Nationwide.

The Bank of England also shared data that shows mortgage approvals in July were at their highest level since September 2022, providing more confidence in the market and for buyers keen to progress in their purchases that were previously disheartened or discouraged by the economic climate.

“The Bank of England believes that inflationary pressures have eased enough to start cutting borrowing costs, which in turn will enable more buyers to get a mortgage in principle. This could push sellers to be less flexible on the asking price if there is a significant boost of hopeful buyers in their area.’
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Iain McKenzie, Chief Executive of The Guild of Property Professionals

With house prices and mortgage approvals on the rise, buyers keen to get back into the market are assessing their best time to move. Investors and owner-occupiers alike are looking to move forward, but some may be hesitant. If you’re looking for more advice before you progress, speak to our team of expert property consultants today to see how investing or purchasing now can benefit you.

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