Halifax reports that house prices rose by 1.8% in June, the twelfth consecutive monthly rise
The sheer lack of houses on the market has kept driving prices up, experts agree.
Here’s Jeremy Leaf, north London estate agent and a former RICS residential chairman:
‘Despite concerns over the rising cost of living and interest rates, the excess demand over supply continues to hold sway and is driving activity.
The number of appraisals and listings is increasing but not fast enough to keep up as sellers try to take advantage of the market peak, or at close to it as possible, but transactions are slowing and lengthening.
The supply-demand imbalance is behind the continued rise in prices, although this is slowly improving as more stock becomes available. Signs of an inevitable, yet subtle, rebalancing of the market, are already evident.
The ‘new normal’, an elevated version of the pre-pandemic market, continues, with serious property seekers still determined to move.”
