2.2% UK house price growth year to July 2024: Source ONS experts believe this quarter's figures will be higher
Economy
The Bank of England held interest rates at 5% in September, with an expectation that they may be cut in November.
Monthly GDP is estimated to have shown no growth in July 2024, after also showing no growth in June 2024 (ONS).
CPI inflation rose by 2.2% in the 12 months to July 2024, up from 2.0% in June 2024 (ONS).
90,630 Transactions in July 2024: Source HMRC experts believe this quarter's figures will be higher
Transactions
There were 90,630 transactions in July, a 5% rise compared to a year earlier (HMRC).
The agreed sales metric in the latest RICS' survey posted a net balance reading of +6%, modestly higher than the figure of -1% seen last time.
The number of sales being agreed is 23% higher than a year ago (Zoopla).
House prices
The average price for a property in July was £289,723, up 2.2% year-on-year (ONS).
Average new seller asking prices rose by 0.8% this month to £370,759, double the long-term average September price increase (Rightmove).
2.0% house price change is now predicted through 2024, up from -2.4% this time last year (HM Treasury Average of Independent Forecasts).
8.4% UK rental price growth year to August 2024: Source ONS, PIPR experts believe this quarter's figures will be higher
Investment/lettings
The number of homes available for rent remains a quarter (24%) below the pre-pandemic average (Hometrack).
The average UK rent rose by 1.3% in August to £1,325, 5.1% higher than the same time last year (HomeLet).
Void periods lengthened to 15 days in August, up from 11 days in July with Greater London the only region to see a reduction (Goodlord).
61,985 Mortgage Approvals July 2024: Source Bank Of England, lenders have already stated YTD & MTD. This has already increased.
Demand
There were 61,985 mortgage approvals in July which is 26% higher than a year ago (Bank of England).
The reading of new buyer enquiries in the latest RICS Residential Market Survey was +15%, the most positive since October 2021.
The number of new sellers coming to market is 14% above the same time last year (Rightmove).
Development
Just under 240,000 new homes were built in the year to the end of Q2 2024 . This represents a -1.8% fall quarter on quarter and a drop of -4.9% compared to the same quarter last year (MHCLG).
The headline construction PMI in July grew at its strongest rate in over two years, amid optimism surrounding Labour’s proposed reforms to planning laws (S&P).
Build to Rent completions are now running at over two and a half times the average for the period 2017-19 (BPF).
Prime markets
There were 8.7% more transactions in PCL in July 2024 than in July 2023 (Lonres).
There were 11.1% more properties on the market across PCL at the end of July than a year earlier (Lonres).
33% of purchases were made with cash in the year to April 2024, down from 35% a year earlier (UK HPI).
What's happening in the Barry sales market?
Barry Sales Overview
Over the last 12 months the average sales price in Barry was £211,110. The total value of sales was £106,396,617.
15% of sales in the past 12 months were flats, achieving an average sales price of £138,277. Houses achieved an average price of £226,937.
The highest value recorded by the Land Registry over the past 12 months was £380,000 for a flat and £685,000 for a house.
Over the last three months, £19.2m Total property value was sold.
504 total transactions in the last 12 months
Top transactions over the last three months
£685,000 Old Village Road, CF62
£675,000 Marine Drive, CF62
£515,000 White House, CF62
What’s happening in the Barry rental market?
Barry Lettings Overview
Over the last 12 months, the average rent achieved for homes let in Barry was £851 per month. This is a +7% change on the previous 12 month period.
55% of homes let in the past 12 months were flats, achieving an average rental value of £754 per month. Houses achieved an average rent of £1,028 per month.
25% of renters are aged between 25 and 29.
£1.05bn Value of sales in Wales over the past three full months
4,724 Volume of sales in Wales over the past three full months
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