Overview

• UK house prices are nearing record levels, with the average asking price just £570 below the May 2023 record.
• Luxury properties, less affected by high mortgage rates, are significantly contributing to the price surge.
• Despite the optimism, the overall housing market is highly price-sensitive, with potential buyers cautious due to fluctuating mortgage rates and economic uncertainty.
• Increased supply and a potential interest rate cut by the Bank of England could influence future market dynamics.
• Real estate experts advise sellers to remain realistic with pricing to attract buyers in a competitive market.