Bury St Edmunds: 01284 769598Haverhill: 01440 768919Sudbury: 01787 468400
    Get a Valuation
    Register
    LogoLogo

    Our Branches

    Bury St Edmunds

    Contact Branch
    Area Guide

    Haverhill

    Contact Branch
    Area Guide

    Sudbury

    Contact Branch
    Area Guide

    How much is your property worth?

    Get an instant valuation

    Home/News/Latest: June Property Report

    Latest: June Property Report

    about 2 years ago
    Market Reports
    Latest: June Property Report

    Although it sounds like a tenuous connection, the property market and the weather are linked. The arrival of early summer has coincided with the traditional uptick in house prices. This May, Rightmove has noted an extraordinary correlation between warmer temperatures and property values.

    The portal found late spring’s seasonal bounce is almost double what it usually records. Rightmove says asking prices in May traditionally rise by around 1% but in 2023, May’s average asking price increased 1.8%. This results in a new record asking price of £372,894.

    Purchasers unpausing their moving plans

    Matching the increase in asking prices is increased buyer demand. When comparing demand during pre-pandemic May months, there are 3% more purchasers enquiring to view properties today. The figure confirms people who paused their moving plans are now pressing ahead.  

    The typical buyer is getting younger

    The age of buyers has hit a record low, according to new research. Halifax’s 2023 Home Mover Review says the typical age of a UK purchaser is now 39. This is a year younger than 12 months ago, and two years younger than in 2013.   Zoopla also cast light on today’s market. Its figures revealed the number of new sales agreed in May 2023 was 11% higher than the five-year average for the same period. More sales now equate to more choice. Zoopla says the number of homes coming to market in May was up 16% on the five-year average.  

    May saw the Renters’ Reform Bill have its first reading in Parliament. A number of legislative changes are now finally on their way to becoming law. While subsequent stages give members of Parliament the chance to make amendments, it is thought the headline reforms will stay.  

    To recap, the Bill will end Section 21 notices and periodic tenancies, and see an ombudsman created to keep tenancy disputes out of court. The Bill will also make it easier for tenants with pets, children and benefit income to rent, and introduce the first Decent Homes Standard for private lets. It will also become easier to evict anti-social tenants, and there will be a new, online portal for landlords.   With a second reading scheduled for early June, we have a rough timetable for the Renters’ Reform Bill’s implementation. Experts anticipate the Bill will become an Act in the autumn of 2024. A grace period for adjustment, however, may affect how quickly some of the Bill’s contents become law.  

    Professional landlords feeling positive

    Despite changes ahead, a new report suggests property investment is in rude health. Handelsbanken’s Professional Landlords Survey revealed the mood was described as ‘cautiously optimistic’ by the 200 landlords questioned. In fact, 59% with more than 5 buy-to-lets said they were looking to increase the size of their portfolio over the next 12 months.   

    The report also revealed 39% said they expect their portfolio’s value to increase significantly over the next year. Additionally, 40% felt demand for residential property would increase significantly, with 41% commenting that flats was the most attractive investment sector. Only 5% said they would decrease the size of their portfolio.   

    Already making allowances for domestic animals

    Another survey suggests landlords are already preparing for the Renters’ Reform Bill. This is a direct result of landlords being unable to ‘unreasonably withhold consent when a tenant requests to have a pet in their home’ under proposed laws. Of those questioned by Mortgage for Business, 60% would take out insurance to cover pet damage.  

    In addition, half of landlords were planning to increase the size of a tenant’s deposit to mitigate the effects of a domestic pet in their let. Finally, 17% said they would increase rents in response to pet-friendly legislation. At present, Government statistics suggest only 7% of landlords currently market their properties as ‘pet-friendly’.  

    If you would like to know more about your local property market, please get in touch.

    Share this article

    More Articles

    Latest: July property market report

    Latest: July property market report

    Published 25 days ago

    We have reached the midpoint of 2025. The first half of the year has been surprisingly steady but what happened in the last four weeks? We take a look at the trends shaping the current UK property market.

    Read More
    Latest: June property market report

    Latest: June property market report

    Published about 2 months ago

    Both portal heavyweights provided a monthly snapshot of the sales market in May. As ever, Rightmove focused on asking prices. The UK’s average asking price for new instructions increased 0.6%, with a more expensive advertised price of £379,517.

    Read More
    Latest: May property market report

    Latest: May property market report

    Published 3 months ago

    How did April pan out in the property market? We take a look at the price reports and moving trends to inform your next move. Plus, we’re discussing Donald Trump and his surprising effect on the UK mortgage market.

    Read More

    Sign up for our newsletter

    Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.

    You may unsubscribe at any time. See our Privacy Policy.

    Back to Home

    Get in touch 

    Bury St Edmunds
    Haverhill
    Sudbury

    Help & Guidance 

    Money Protection Certificate
    Complaints Handling Procedure

    ARLA
    DPS
    NAEA
    OnTheMarket
    RightMove
    ThePropertyOmbudsman
    TradingStandards
    Logo
    © 2025 Bychoice
    Privacy Policy|Terms & Conditions|Cookie Policy|Copyright Information
    Powered by