UK property prices have jumped to near all-time highs, but that won't last.

Jeremy Leaf, a north London estate agent and former chairman of the Royal Institution of Chartered Surveyors, said the housing market was still catching up, with an increase in new inquiries giving sellers the opportunity to not only access their properties but also sell them. Higher required figure.

He added: The prospect of mortgage rates becoming more stable or even falling certainly helps boost confidence overall.

But increased supply means more choices, so the market remains price sensitive and buyers are negotiating hard, especially those with little to no financing.

The interest rate peaked at 6.86% in July 2023 but has since declined. The average two-year fix is ​​around 5.83%, while the average five-year fix is ​​closer to 5.40%, according to data company Moneyfacts.

However, mortgages have started to rise again as recent higher-than-expected inflation figures have raised questions about the Bank of England's chances of cutting interest rates before the summer.

Tom Bill, head of UK residential research at Knight Frank, said changes in economic forecasts meant buyers and sellers were facing mixed messages this year, which could mean asking prices were not achieved.

He said: “Rising asking prices indicate improved seller expectations, but downward pressure on prices is becoming more widespread as mortgage rates rise, supply increases and more people pull out of fixed-rate mortgages below 2% agreed in early 2022. “he said.

The result is more friction around pricing. This is especially true when a rate cut seems further away with each economic data release. That said, increased supply means there should be a noticeable spring rebound in the housing market.

Nick Mendes, of mortgage broker John Charcol, said he had seen a slowdown in activity in recent weeks as mortgage rates remained stagnant and some buyers eagerly awaited a bank rate cut.

He added: We saw a lot of people entering the market earlier this year to get through the peak summer months. Some home prices were mirroring the highs we had seen just a few years earlier.

Some people will push the envelope and not be able to renew their rates in the current market and will try to downsize without losing property value.

Always take the price with a grain of salt. Take a look at land registration prices. [properties] It actually sold.

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