House prices edged up 0.3% in August, with annual growth rising to 4.3%, the fastest pace since late 2022. However, this is partly due to the comparison with weaker growth this time last year.
Buyer confidence has been boosted since the Bank of England rate cut at the beginning of August and mortgage rates trending downwards. 37% of property professionals expect sales prices to increase in the next 3 months, with 1.4% house price change now predicted through 2024, up from -2.2% this time last year.
However price growth is likely to remain constrained by affordability, which remains a significant challenge for many potential buyers. Source: Dataloft by PriceHubble (poll of subscribers), Halifax, HM Treasury Average of Independent Forecasts
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