PropertyPal Monthly Market Snapshot: October 2024

Jordan Buchanan, Chief Executive Officer at PropertyPal commented on the housing market:

Last month saw significant growth in the residential sales market, with strong performance across all key metrics. Over the past year, PropertyPal searches have risen by 16%, enquiries to estate agents by 14%, and most notably, newly agreed sales by an impressive 22%. This activity has contributed to upward pressure on prices, with the average house price now 6% higher than a year ago.

Looking ahead, the path of interest rates remains a key source of uncertainty for the market in the coming year. While the Bank of England recently reduced the base rate, this was already largely reflected in lenders’ mortgage rates. Since the UK Budget, mortgage rates have edged upward, signalling expectations that the path of interest rates for 2025 could be slightly higher than previously anticipated.