UK house prices still at 'all-time high' as ​​market remains 'stable' | business news

House prices have remained flat in recent weeks, but the market overall has remained “stable”, according to new figures from a leading property website.

Rightmove said there was 0% month-on-month growth in the four weeks to June 8.

The average price of properties on the market during the period was £375,110, a statistically insignificant drop of £21 compared to the record high of £375,131 in May.

It was revealed that prices increased by 0.6% compared to the previous year.

Despite the stagnant figures, Rightmove said market activity “remained broadly stable”.

The property website also said the upcoming general election appears to have had a limited impact as most buyers and sellers continued their plans even after the election was held.

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Separate figures released by lenders in recent months show prices have remained flat or risen slightly since the start of the year.

Critics say continued affordability pressures, including high mortgage rates, have hurt demand, but expect prices and activity to recover as the year progresses.

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A Rightmove spokesperson said its figures showed “activity remaining broadly stable” despite the general election being called.

He added: “The number of agreed sales and the number of buyers contacting agents has remained steady, with the majority of people already in the market to move home continuing with their plans.”

“One exception is the election caution that can arise among some aspiring sellers. This is most noticeable for those at the top of the market, who generally have more discretion, and which may lead some to pause their plans to see how the next few weeks will unfold. It appears that they do.”

Nathan Emerson, chief executive of property agency Propertymark, said: “It’s very positive to see stability in the housing market and despite these challenging times of high inflation and rising interest rates, we’re seeing people approach the market with increasing confidence. “He said.

He added that interest rate cuts would help stimulate demand by potentially triggering “competitive mortgage deals”.

This comes ahead of the Bank of England's latest decision on the matter at lunchtime this Thursday.

However, most commentators do not believe the bank will cut interest rates yet and instead expect it to remain at 5.25% for the seventh straight session.

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