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House price growth to lose steam in August – Reallymoving

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  • 23/06/2021
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House price growth to lose steam in August – Reallymoving
House price growth could slow to below one per cent in August as market activity softens, the latest forecast from comparison site Reallymoving showed.

 

The forecast is based on agreed purchase prices reported by buyers when they search for conveyancing quotes about 12 weeks ahead of completion.

While quote volumes peaked at more than double their usual levels in March and April, they fell back by 10 per cent in May — suggesting that slowdowns in demand and price growth will filter through in August.

The average house price forecast for June was £316,811, July was £328,703 and August £330,081. While the month-on-month price increase was forecast to be strong for June at 2.9 per cent and July at 3.8 per cent, growth softened to 0.4 per cent in August. 

However, on a yearly basis, the growth remained strong across all three months at 8.5 per cent, followed by 9.8 per cent, then 11.1 per cent.

Reallymoving’s chief executive Rob Houghton (pictured) said: “The housing market may be showing signs of slowing in pace, which will be reflected in completed sale prices in August.”

The three-month forward price change was expected to be positive in all 12 regions of the UK.

The strongest three-month growth was forecast in Northern Ireland at 20.5 per cent, and the slowest in the North East at 0.1 per cent.

London prices were forecast to rise 4.4 per cent over the three months to August.

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