The property market shows signs of stabilising ahead of anticipated interest rate cuts from Bank of England.

In a surprising turn, UK house prices saw an unexpected rise in June, according to Nationwide’s latest data. This suggests that the property market is beginning to stabilise ahead of anticipated interest rate cuts from the Bank of England. Between May and June, property prices increased by 0.2 per cent, following a 0.4 per cent rise in the previous month, which reversed the contractions observed in March and April.

The latest data, released on Monday, showed that the average house price has now reached £266,064, marking a 1.5 per cent increase compared to the same month last year, up from a 1.3 per cent increase in the previous month. Both figures surpassed analysts’ expectations, with economists polled by Reuters predicting a 0.1 per cent month-on-month contraction and a 1.1 per cent annual increase in prices.

Home-MOT experience of our local market in the North-West is seeing greater demand, and asking prices higher than recent months.