Total transaction volumes nearly hit 300,000 across the UK for Q3. This is the first time the pre-COVID average has been reached since the end of 2022 when mortgage rates started to increase. The number of transactions was just shy of 100,000 in both July and September, climbing over this landmark in August.
House price growth to October this year is 3.2%, according to the Nationwide House Price Index (HWHPI). Over Q3 values effectively stayed flat with the value increases coming in the first half of the year. These price increases have been driven by increasing transaction volumes and mortgage approvals.
First time buyers are purchasing at around 90% of the rate they did pre-COVID which has helped to drive both transaction volumes and sales values. Despite the softening of mortgage rates, they are doing so by borrowing over the longest possible terms according to UKL Finance.
To read Strutt & Parker's Autumn 2024 Residential Report, click here.
