‘Steady recovery in the sales market in 2024’

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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