House prices bounce back as consumer confidence grows

The momentum in sales activity continues, with 13% more sales agreed than this time last year according to Zoopla’s latest House Price Index.

There are also more homes for sale than at any point in the last 8 years – up 20% year-on-year in number terms and 25% higher in value terms. More supply means more would-be buyers, as most sellers are also buyers. Nationwide has also reported that the property market appears to be showing signs of resilience in the face of ongoing affordability pressures.

UK house prices increased by 0.4% in May which resulted in a slight pickup in the annual rate of house price growth to 1.3% in April, from 0.6% the previous month. Consumer confident has improved noticeably over the last few months supported by solid wage gains and lower inflation. HMRC Property Transactions Data which showed the seasonally adjusted estimate of the number of UK residential transactions in April 2024 is 90,430, 10% higher than April 2023 and 5% higher than March 2024