e: hello@fortis.homes
    Get a Valuation
    Register
    Logo
    2a Fairwater Greenn
    Cardiff, CF5 3BA
    t: 02920 561111
    e: hello@fortis.homes
    LogoLogo

    Our Branches

    Fairwater Branch

    Fortis Cardiff, 2a Fairwater Green,
    Cardiff CF5 3BA
    cardiff@fortis.homes
    02920 561111
    Area Guide

    Pontcanna Branch

    Sophia House, 28 Cathedral Road, Pontcanna, Cardiff CF11 9LJ
    pontcanna@fortis.homes
    02920 109209
    Area Guide

    Looking to let?

    Please visit our sister company,
    Redkey Property Services

    Home/News/Latest: June property market report

    Latest: June property market report

    about 1 year ago
    Market Reports
    Latest: June property market report

    May has been an interesting month for the property market. There’s speculation on how a General Election may affect movers’ intentions in England. In Scotland, there’s rumour of an urgent review of The Housing (Scotland) Bill.  

    We’re more concerned with tangible facts and figures. Rightmove’s House Price Index for May is a great place to start. Its headline was another increase in asking prices.  

    Record asking prices noted

    The portal found the average price for newly marketed homes has set a new record of £375,131. This is an increase of 0.8%, when compared to April – equivalent to £2,807 extra. Average asking prices are now 0.6% more than at the same point in 2023.  

    For speed, price realistically

    The market is still price sensitive, however. Rightmove says properties priced competitively from the start sell more quickly. It takes, on average, 32 days for a sale to be agreed if the property is priced realistically from day one. Conversely, homes for sale that need a price reduction before a buyer is found take an average of 112 days to sell.  

    The property market does head into summer in good health. Rightmove’s index showed an increase in the number of sales completed in the first four months of 2024. This is up 17% when compared to 2023. There has also been a 12% rise in the number of new sellers.   

    Nationwide also released some interesting statistics in May. Its analysis looked at average house price growth between December 2018 and December 2023, in relation to local authorities and area descriptions. It found average house prices had risen by 22% in predominantly rural areas; by 19% in urban locations with significant rural areas, and by 17% in predominantly urban areas.  

    In terms of the best performing local authorities in 2023, four Scottish authorities made the top 10 (Eilean Siar, East Renfrewshire, Midlothian and East Dunbartonshire). Prices had risen by an average of 8.5% in these authorities during the five year period. Authorities in the North East, the North West, the South East and the South West completed the top 10.  

    The demand for rental property shows no sign of waning as we head towards summer. The latest Paragon PRS Trends report questioned almost 800 landlords and found 43% felt tenant demand was ‘very strong’ in the first quarter of 2024. A further 40% stated it was ‘quite strong’.  

    South West registers strongest rental demand

    Looking at the results geographically, tenant demand was strongest in the South West, followed by the North East. More than half of landlords in these two regions found the market to be ‘very strong’.  

    What should renters expect to pay this summer?

    The latest Office for National Statistics data shows the average rent is £1,293 in England, £730 in Wales and £952 in Scotland. Looking at annual trends, it says UK rents rose 8.9% between April 2023 and April 2024.   

    Renters’ Reform Bill a pre-election casualty In England, the run up to the General Election did have an impact on lettings. The much discussed Renters’ Reform Bill fell by the wayside after it didn’t get Royal Assent before Parliament was dissolved. It’s thought this will be taken up again by whoever is in power after 4th July.  

    What did pass into law was the Leasehold and Freehold Reform Bill. It should now be cheaper and easier for people to extend their lease, buy the freehold or take over the management of a leasehold building. If you’d like to know how this affects a property you want to buy or a home you rent out in England and Wales, we’d be happy to explain.  

    If you would like to know more about your local property market, please get in touch.

    Share this article

    More Articles

    Latest: July property market report

    Latest: July property market report

    Published 27 days ago

    We have reached the midpoint of 2025. The first half of the year has been surprisingly steady but what happened in the last four weeks? We take a look at the trends shaping the current UK property market.

    Read More
    Latest: June property market report

    Latest: June property market report

    Published about 2 months ago

    Both portal heavyweights provided a monthly snapshot of the sales market in May. As ever, Rightmove focused on asking prices. The UK’s average asking price for new instructions increased 0.6%, with a more expensive advertised price of £379,517.

    Read More
    Latest: May property market report

    Latest: May property market report

    Published 3 months ago

    How did April pan out in the property market? We take a look at the price reports and moving trends to inform your next move. Plus, we’re discussing Donald Trump and his surprising effect on the UK mortgage market.

    Read More

    Sign up for our newsletter

    Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.

    You may unsubscribe at any time. See our Privacy Policy.

    Back to Home

    Services 

    Selling
    Buying
    Land & New Homes
    Auction
    Letting
    Become A Partner

    Fortis Pontcanna 

    Sophia House,
    28 Cathedral Road,
    Pontcanna, Cardiff CF11 9LJ
    t:  02920 109209
    Email us

    Fortis Fairwater 

    2a Fairwater Green,
    Cardiff, CF5 3BA
    t:  02920 561111
    Email us

    NAEA
    OnTheMarket
    RightMove
    ThePropertyOmbudsman
    Logo
    © 2025 Fortis Properties
    Privacy Policy|Terms & Conditions|Cookie Policy|Complaints Procedure
    Powered by