July brought a mixture of encouraging signs and ongoing uncertainty for both the economy and property market. Inflation eased again and interest rates were left unchanged, helping to improve consumer confidence, while markets responded positively to the arrival of the new government. However, concerns remain around energy prices, business confidence and the wider global outlook, meaning many households and businesses are still proceeding with caution.
In the housing market, there are tentative signs that activity may be stabilising after a slower period, with survey data suggesting buyer interest and sales expectations are beginning to improve. The government has also unveiled plans to reform the homebuying process, including measures designed to reduce the risk of gazumping and make transactions more secure for buyers and sellers. Despite these positive developments, demand remains uneven across the country, with affordability continuing to play a key role in regional performance.
For a fuller look at the latest economic developments, market movements and property trends, please click the links below to read the complete Economic Review and Residential Property Review.