UK house prices remain near record high with little sign of election impact | House prices

The average asking price for a UK home remained near its record high in June, with the housing market maintaining its “2024 momentum” across much of the country, according to the latest figures from the property website Rightmove.

The UK’s biggest property listings website said the average price of homes coming to the market over the past four weeks was £375,110 – just £21 less than in May, when average prices had posted a new high.

It said agreed sales were up by 6% year-on-year and demand from buyers was up by 5%.

The website said price trends had differed across the country, with the strongest price growth this month seen in the less expensive, more northerly regions. By contrast, the higher-priced east of England and London regions recorded this month’s only price falls.

In a survey of 14,000 people by the website, 95% of those who were planning to move home said the imminent general election would not change their plans.

Rightmove said the only area in which it had detected some possible caution among would-be sellers was at the discretionary top end of the market.

In the two weeks since the surprise election announcement, the number of top-end sellers coming to market was 3% lower than a year ago, while in the previous two-week period it had been 11% higher than in 2023.

Owners of the most upmarket properties appeared to be pausing their plans to see how the next few weeks unfolded, Rightmove said.

“It’s always difficult to predict how home-movers will react to sudden uncertainty, but the market activity has remained largely steady this time,” said Rightmove’s director, Tim Bannister.

“Our poll of more than 14,000 people also supports the data, with the vast majority of respondents carrying on with their home moving plans,” he said. “However, some potential sellers appear to be watching and waiting rather than taking action, evidenced by a dip in the number of new sellers coming to market, particularly at the top end. Overall, it appears to be business as usual for the mass market.”

He said pent-up demand was a key driver behind increased buyer and seller activity, despite mortgage rates remaining elevated for longer than anticipated.

Matt Thompson, head of sales at the estate agents Chestertons, said: “Since the date for the general election was announced, house hunters who have been on the fence due to political uncertainty have become more confident about going ahead with their purchase. As a result, we expect June to conclude with a heightened level of buyer interest.”

Last week, Britain’s biggest lender, Halifax, said rising wages and an increase in economic confidence during the important spring selling season were keeping prices steady.