Leading indicators for the property market this spring show promising signs, with mortgage approvals on an upward trend and sales volumes steadily recovering.
Signs of a slow but steady recovery in the housing market are becoming increasingly evident, with the average asking price of a property coming to the market rising by 1.1% in April to £372,324, while the annual rate of price growth is now +1.7%, the highest level for 12 months (Rightmove). With an improving economic outlook, Lloyds Bank has revised its UK house price forecast, now predicting a 1.5% increase in 2024, a shift from the previously expected decrease of 2.2%. Lloyds also expects that the Bank of England will cut the base rate three times by the end of this year.
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https://www.fineandcountry.co.uk/insights/property-market-reports/national-sales-market-report
