While it was the hottest June since records began, the property market started its summer cool down early. Rightmove cited the new 5% interest rate as a reason for earlier-than-usual changes. Its June headline revealed the first monthly drop in asking prices in 2023.
Although it sounds like a tenuous connection, the property market and the weather are linked. The arrival of early summer has coincided with the traditional uptick in house prices. This May, Rightmove has noted an extraordinary correlation between warmer temperatures and property values.
With a third of the year complete, it’s a good time to appraise the property market. If your primary concern is the direction of house prices, Rightmove can shed light. It found the average house price in Great Britain had climbed 0.2% in April to £366,247.
Spring is traditionally a peak season for sales and we’re beginning to see the first ‘green shoots’ of activity. The statistics come from Rightmove, whose March House Price Index reflects data across England, Scotland and Wales. The trend is for asking prices to increase.
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