Ed Tranmer from Wharfedale estate agents Tranmer White looks at the current housing market and what the future holds.

What will the market do next? it’s a question we agents are often asked.

Never has it been harder to clearly answer this question than over the last 18 months. Following extraordinary nationwide price rises across 2020, 2021 and 2022 in the aftermath of COVID, we had the delights of a Liz Truss government that lasted all of 44 days and in that time managed to ensure mortgage interest rates transitioned from historic lows to near 7%.

Throw into the mix rampant inflation, sky rocketing energy prices and general economic uncertainty, the outlook for 2024 was at best unclear.

Who in their right mind would open a new estate agency in this climate? Well, with 140 years combined experience, we felt we’d worked through as many fluctuating markets as anyone and put our money where our mouth is.

With the general election now behind us, the question of what the market will bring over the rest of this year has never been more pertinent.

Markets are generally driven by positive sentiment and the election result seems to have left most with a feeling of increased stability. The latest data released by property portal Zoopla shows that prices have stayed broadly flat over the last 12 months but that they’re on track to be up to 2% higher by the end of this year.

Last week’s anticipated bank rate cut of 0.25% should only add to the sense of optimism amongst home movers and as agents, we’re hopeful of seeing the usual spike in market activity once school term times resume in September.

An interesting statistic worth noting is that house prices are 23% higher now than at the time of the last interest rate cut (March 2020).

Some market commentators have wrongly predicted a market crash ever since the referendum in 2016 and while the current sense of positivity should be treated with caution, the one conclusion I have drawn is that the UK property market remains incredibly resilient. First time buyers, families, downsizers and everyone in between are seemingly determined to make their moves happen, regardless of whatever turmoil the country faces at any given moment.

The team at Tranmer White are incredibly proud to have placed more new properties on the market in LS29 than any other local agent since we opened our doors in February and we hope to help more people successfully complete their home moves before the end of this year.