Previously forecast a 1% decline (Il Sole 24 Ore Radiocor) - London, 19 Aug - Better conditions in the UK property market lead property portal Rightmove to increase its 2024 forecast for asking prices, with it now expecting a 1% increase, an improvement on previous expectations of a 1% decrease.

'The first Bank Rate cut since 2020 has sparked a welcome late summer boost in buyer activity. While mortgage rates aren't yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment. As the summer holiday season comes to an end, the conditions are there for a more active autumn market," said Tim Bannister Rightmove's Director of Property Science.

The property portal noted that the number of sales being agreed is now 16% ahead of the near-peak-mortgage period a year ago and the number of new sellers coming to market is 5% ahead of last year confidence to move increases.

In August, new seller asking prices fell a seasonal 1.5% to 367,785 pounds, Rightmove said, noting that August has seen a monthly decline from July in the last 18 years, with this month's contraction in line with the long term average. On annual basis, new seller asking prices were 0.8% higher after the 0.4% year on year rise seen in July.

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(RADIOCOR) 19-08-24 10:55:53 (0177) 5 NNNN