Jackson-Stops comments on the ONS Private Rents and House Prices Data for August 2024

Nick Leeming, Chairman of Jackson-Stops, comments on the publication of the ONS Private Rents and House Prices Data for August 2024.

“Today’s figures show an enduring strength from the market.

“Despite the Bank of England holding rates before the Chancellor makes her address at the end of the month, there continues to be opportunities within the market for committed, savvy buyers.

“With demand for quality homes in sought after hotspots still strong, sellers are able to benefit from robust property values.

“This reality remains in part due to the supply and demand imbalance that Labour will be looking to address in the coming weeks and months.

“This is reflected across the Jackson-Stops network; on an annual basis, new applicants increased by 20% in September and new instructions coming on to the market increased by 11%.

“Rumours ahead of the Autumn Budget are starting to build, with Labour needing to stimulate greater activity while also addressing current affordability challenges.

“However, the tone so far from Labour has been sombre, with the Chancellor and Prime Minister both preparing the public for a long road ahead.

“It is essential that any policies that are considered, and are introduced, is part of a broader strategy for the UK economy that mitigates high inflation and stagnant wage growth.” 

Kindly shared by Jackson-Stops