Burton Property Market Update - June

Sales market conditions are strong by any measure, but there are signals that the impetus in the market is slowing, and more price sensitivity in the market will spell a slowdown in price growth during the remainder of 2022”

We bring you the latest trends in Burton on Trent's housing market with a detailed focus on our local market.

House prices
At 10.7% annual property price growth across the UK moderated for the fourth month in succession in June according to the latest Nationwide house price index.

Economy
The Bank of England has raised the base rate of interest to 1.25%, its highest rate in 13 years. This represents the fifth consecutive increase since December as the Bank aims to control inflation which is anticipated to rise to 11% by October.

Transactions
Over 109,000 sales took place in May, 12% higher than the pre-Covid average (2016-2020). To date in 2022 over 540,000 sales have taken place and market activity remains well above pre-Covid levels.


Demand
Just over 66,000 mortgages were approved in May, on par with the longer term pre-pandemic average in a sign that the market is beginning to re-set. At £28.4 billion mortgage lending was at its strongest in 2022 to date, no doubt as many sought to lock in deals prior to the base rate rise.

Investment
Average rents across Great Britain rose by 2.8% in the year to May, their highest rate of annual growth in nearly a decade. The latest figures released by the ONS, indicate rising rates of growth in all regions. Across the capital, rents are rising at their strongest rate in five years.

Useful Guides
Check out some of our latest guides to be added to our website.

Thanks for watching,

All the best

Get in touch with us

Don’t Make It Personal: Why Statement Features Can Turn Off Buyers

When estate agents tell sellers not to over-personalise their property, what do they mean? Here’s a real-life tale that explains all.

CLICK HERE >

How to Choose a Legit Letting Agent to Manage Your Property

Great letting agents make a world of difference to their clients. They're star performers who keep tenancies running smoothly, properties well-maintained and landlords on the right side of the law. But not all letting agents are equal. Unfortunately, a small minority are rogue operators with ulterior motives.

CLICK HERE >

Why It’s a Bad Idea to Spy on Property Viewings

In the past decade, millions of Brits have snapped up home tech gadgets to monitor their kids, cats, dogs and deliveries. About one in five homes has a doorbell camera, while thousands more have pet CCTV or video baby monitors. With all this kit installed, it’s probably no surprise that some people have taken to using it for another purpose.

CLICK HERE >

Budget 2024 Countdown – Some Predictions For Homeowners

PM Keir Starmer has already issued a warning that next week’s Budget will be painful… to help fill a ‘£22 billion black hole’ of debt. So, could this Budget be painful for homeowners? In this article, we’ll take a look at what Chancellor Rachel Reeves might be planning.

CLICK HERE >