UK house prices are growing again throughout the country.
The latest data for May, released at the beginning of June, suggest prices rose 0.4 per cent in the last 4 weeks. This data comes straight from Nationwide.
House prices have remained fairly static throughout Spring 2024, however a small rise in wages and a dip in inflation has meant prices are on an upward trend once more.
The average UK house price now stands at £264,249, compared to £261,962 in April.
Nottingham house prices in Summer 2024
When looking at Nottingham specifically, the average house price is now over £200,000. According to Hometrack, the official figure is £201,200.
This is a 4.9 per cent growth year on year and means that Nottingham house prices have had the biggest gains across the whole country in the 12 months leading to April 2024.
Benwell Daykin expects this rise to continue throughout the summer.
When focusing across Nottinghamshire, to include Ruddington where we are based, the average house price is higher at £238,322 according to Rightmove.
Looking at the data solely for Ruddington, this average price increased further to £333,957.
Mortgage rates for Summer 2024
According to Moneyfacts, the average mortgage rate for a 2 year fixed deal is current 5.29 per cent. This is up slightly on April 2024 which was 5.83 per cent.
The average rate on a 5 year fixed deal is now 5.49 per cent.
This rise is likely due to the Bank of England’s decision to keep the base rate at 5.25 per cent during their last meeting.
The general election and property prices
Many people are asking Benwell Dayking if there will be significant house price movements as a result of the general election.
Data has also been analysed from previous general election periods and it is safe to say that generally house prices are not affected.
How much is your property worth in Summer 2024?
The only way to find out accurately how much your property is worth is by asking an experienced agent, like us, to conduct a valuation.
Our valuations are free of charge with no obligation to use our services.
Simply call Benwell Daykin, estate agents in Nottingham, on 0115 990 2007 or use our house valuation form to get in touch.