Once the mortgage rates ease off a bit, and (potentially) stamp duty moves, they're likely to go through a big rush again.
An average house in an average place is generally at the limit of affordability, when the rates drop a little, expect the prices to lurch to fill the gap/extra profits landlords can make from the lowered rates.
The average British house price reached a record high of £375,131 in May, according to Rightmove.
Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website’s report said.
Rightmove anticipates the number of completed house sales this year to reach around 1.1 million, but said the lengthy time to complete a sale after finding a buyer remains a challenge for both agents and movers.
The findings were released as property firm Hamptons said tenants renewing an existing contract in Britain typically saw their rent rise by an average of 8.3% over the 12 months to April, outpacing rental growth on a newly let property (6.4%).
“The large gap between market rates and what many tenants are paying is a big disincentive for them to move unless they have to.
“While time will eventually close the gap between what sitting and new tenants are paying, it may take longer if rental growth on the open market starts picking up again.”
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