of August 5th
The UK property market continues to be an attractive investment option for many, and the current trends and developments for the week of August 5th are no exception. The UK property market is currently experiencing a period of growth, with house prices rising steadily in most areas. This is due to a combination of factors, including a strong economy, low interest rates, and increased demand from buyers.
One of the key trends in the UK property market over the past week has been the continued rise in house prices. According to the latest figures from the Office for National Statistics (ONS), house prices in the UK rose by 1.2% in July, taking the average price of a property to £232,000. This is the highest level since records began in April 2018. The rise in house prices is being driven by strong demand from buyers, as well as a shortage of properties on the market.
Another trend that has been seen in the UK property market over the past week is an increase in the number of mortgage approvals. According to the Bank of England, the number of mortgage approvals rose to a six-month high in July, with 66,000 approvals being made. This is a sign that buyers are increasingly confident about taking out mortgages, which is likely to lead to further increases in house prices.
Finally, there has been an increase in the number of new-build properties being constructed in the UK. According to the Home Builders Federation, there were more than 25,000 new-build homes completed in July, which is an increase of 8% compared to the same period last year. This is a sign that developers are responding to the increased demand from buyers, and it is likely that this trend will continue over the coming months.
Overall, the UK property market is continuing to experience a period of growth, with house prices rising steadily and mortgage approvals increasing. This is being driven by strong demand from buyers, as well as a shortage of properties on the market. In addition, there has been an increase in new-build construction, which is likely to lead to further increases in house prices over the coming months.