Residential Property Review | May 2024
30/05/2024
The Bank of England reported an increase in agreed sales resulting in mortgage approvals reaching their highest level in 18 months in March. Price sensitivity remains among buyers, causing a slight dip in house prices in April, according to Nationwide.
Annual rental growth was 6.9% according to Zoopla, with Scotland and the North East regions showing growth rates of 9.6% and 9.3% respectively.
According to data from Knight Frank, annual price growth in prime central London fell to -2.6% in April – the lowest figure in three years.
There is now significant disparity in housing affordability across the UK – data from USwitch shows that, in 2023, the average first-time buyer in Greater London had a deposit of £108,848, which is over three times more than those buying in the North East, who had an average deposit of £29,740.
Read the latest news on the residential property market in our May Residential Property Review.
