Three important stories for you - Here’s what you need to know:

1. UK House Prices: A Year of Stability

Over the past 12 months, UK house prices have remained largely unchanged, with  inflation holding steady at 0% to May last year.

Despite the ongoing election campaign, home buyers and sellers appear undeterred. There's no current evidence suggesting that price rises will accelerate in the near future.

Zoopla’s latest analysis reveals that UK house prices are STILL 8% overvalued. This overvaluation is a market hangover following the mass borrowing seen during the pandemic.

Additionally, the average mortgage rate for a five-year fixed-rate mortgage stands at 5.02%, impacting affordability for many potential buyers.

2. Luton: One Up, One Down

Our town is experiencing a mixed performance in the market:

Rents Up: The average monthly private rent in Luton increased to £1,080 in May, up from £991 in May 2023. This 9.0% rise reflects a strong demand for rental properties in the area.

Sales Down: In contrast, the average house price in Luton dropped to £270,000 in April, compared to £277,000 in April 2023. This represents a 2.5% decline in property values over the past year.

3. The Shift to the East

The trend among property investors is shifting away from London.

And while London struggles to maintain its appeal, towns in the East of England, like Luton, are becoming increasingly popular among property investors (Handelsbanken reports).

This year, London has slipped to fifth position among investors, with Luton and neighbouring towns making a significant shift as England’s top investment hotspot.

It’s clear the UK is experiencing a period of adjustment and stabilisation. It’s important be prepared so you can make informed decisions when the time is right.

Rest assured, my team and I will be here to help you along the way!

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