Home-movers are having to deal with more diversions than usual at this time of year. The General Election and the Euro Football tournament have now been and gone. Property prices have reduced by 0.4% (-£1,617) as sellers try to capture the attention of buyers with a more tempting price heading into the thick of the Summer Holidays as well as the Olympics.

Rightmove’s millions of data points show that most people have been getting on with the property sales process during the General Election campaign despite some concern that this would lead to a slow-down in activity. Having the next Government in place provides the political certainty that is likely to aid home-mover confidence leading into the second half of the year. https://www.rightmove.co.uk/news/house-price-index/

Sales 15% ahead of the same period last year

The number of sales being agreed is now an encouraging 15% above the same period a year ago when we ere approaching the peak of mortgage rates – last month’s figure was 6% above last year. This positive sales figure shows that the serious home hunters have been largely undeterred by the General Election and have quite simply been ‘getting-on’ with their house sale.

The average time to secure a buyer nationally has also returned to normal levels after a gradual spike at the end of last year which peaked in January 2024 – more encouraging signs.  

What is more pressing to home-buyers is when the first interest rate cut will be – there are signs that some (although not many) pockets of movers are waiting for this before acting – the last four weeks have remained stable when compared with this time last year – the only area that has seen a slight drop is the first time Buyer’s market, which understandable has been waiting for news re any incentives as a result of the election.

Lower mortgage rates would be a gamechanger

A base rate cut is expected to lead to lower mortgage rates, which could be a game changer for some would-be-home movers.  A first base rate cut over four years, together with the new political certainty, could set the scene for a very positive Autumn market as a result of a more confident outlook and improved affordability in the second half of the year.

David Phillip commented “the General Election can quite often lead to an uncertain market, however this year we are experiencing healthy supply and demand levels which shows that the General Election has had little impact. With CPI inflation down to 2% and potential base rate reductions ahead, we remain optimistic for a healthy Autumn market”

Use a local independent Estate Agent

If you are considering selling your home in the busy Autumn market use a local Independent Estate Agent that knows your area inside out. Call now for a free market appraisal on 0113 4676 400 https://davidphillip.co.uk/valuations/

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w davidphillip.co.uk

Covering North Leeds, Bramhope, Adel, Cookridge, Otley and Pool-in-Wharfedale