Market Commentary – April 2024

On The Rise Again

Peering Into The Affordability Black Box

On The Rise Again

Peering Into The Affordability Black Box

Market At A Glance

Economy – UK

The ONS estimated monthly GDP fell 0.2% in the year to February 2024. Monthly GDP was 1.6% above the pre-pandemic peak recorded in January 2020. However, this monthly data will continue to be revised in the future.

House Prices - UK

Rightmove reported a 1.7% annual rise in asking house prices in April 2024 while Nationwide reported a 0.6% annual rise in their mortgage approval-based index over the same period. Meanwhile, the ONS reported a 0.2% annual fall in its sales agreed index for the year to February 2024.

Transactions – UK

HMRC provisionally reported 84,200 residential transactions in March. This was 14% lower than the same month in 2019. Meanwhile, the Bank of England reported mortgage approvals for house purchase were just 1% lower in March 2024 than the same month in 2019.

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