House prices are showing signs of recovery, with the biggest monthly jump in almost a year.

Despite a slight dip in prices compared to last year, things are looking up for the housing market. The latest figures from e.surv show that the average house price in England and Wales inched up by 0.4% between May and June. That’s an extra £1,500.

This is the strongest monthly increase we’ve seen in nearly a year, and experts are predicting that the market will continue to improve in the coming months.

So, what’s the average house price now?

The average price tag for a house in England and Wales currently sits at £360,175. This is still a bit lower than the peak we saw back in October 2022, but it’s a promising sign that the market is bouncing back.

What’s driving this positive change?

Richard Sexton, a director at e.surv, believes Labour’s recent election win has given buyers more confidence in the market. He points to their ambitious housing plans, including building new towns, making it easier for first-time buyers, and potentially lowering stamp duty.

On top of that, the Bank of England might just lower interest rates soon, making it cheaper to borrow money for a mortgage.

It’s not all sunshine and roses everywhere, though.

While the overall picture is positive, some areas are performing better than others. London and the South East are lagging behind, while the North East and Wales are seeing the strongest price growth.

What does this mean for you?

Whether you’re buying or selling, this upward trend is good news. It suggests that the market is stabilising and could be a good time to make your move!