The property market is showing strong signs of recovery, with house prices steadily climbing back up.

The latest Acadata/esurv House Price Index reveals that house prices are only 1.6% lower than this time last year. This means the average house price in England and Wales is now a healthy £360,175.

So, what’s behind this positive shift? Experts believe a Labour government and the Bank of England’s potential interest rate cuts could be giving the housing market a much-needed boost.

Richard Sexton, a director at e.surv, shared his optimistic outlook: “Our data shows an improving picture for the market in England and Wales, and one that we expect to further improve over the coming months. June saw the strongest price performance for nearly a year! Prices are now within 5% of the peak we saw back in October 2022.”

And it gets better: If you take London and the South East out of the equation, the 1.6% annual decrease in house prices practically disappears! The North East and Wales are leading the charge with the strongest price growth.

What about Labour’s plans? Sexton believes their government will have a positive impact on the property market. “Labour’s ambitious plans to build new towns, rethink the green belt, set housing targets, and introduce a new Freedom-to-Buy scheme will take time, but they signal a commitment to tackling the housing crisis.”

And don’t forget about interest rates! With inflation easing, the Bank of England may finally cut interest rates, making mortgages more affordable.

All signs point towards a brighter future for the housing market. Whether you’re looking to buy or sell, now might be the perfect time to make your move!