A prominent property firm says it expects “broadly stable” market activity in the UK for the rest of the year. Rightmove also said the property market cooled slightly in the first half of the year from the frenetic pace of 2021, but remained healthy and ahead of the corresponding period in the pre-pandemic 2019. The UK property market, which recovered strongly from the lockdowns and restrictions partly due to government support measures and strong demand in an undersupplied market, is facing new issues as a cost-of-living crisis and rising interest rates weigh on home buyers. “Activity on our platform was significantly higher than in the pre-pandemic market of 2019, with home-hunters using Rightmove for 1.5 billion minutes every month,” said CEO Peter Brooks-Johnson. Average Revenue Per Advertiser (ARPA), says the firm, rose 11% to £1,290 per month and the company expects ARPA growth in the second half of the year broadly to mirror pre-pandemic growth levels. The news comes as concerns continue about Britain’s housing market becoming more unaffordable after a jump in property prices lagged behind the pace of wage increases.
 
Regions
England’s properties are selling for 8.7 times the average annual household disposable income as of March, reports the Office for National Statistics. That’s the highest since records began in 1991. London remains the least affordable region, with the people in the lowest 10% of workers having to work 40 years to buy an average house. Even the cheapest properties in the capital cost eight times the average income. The North East had the most affordable properties, says the ONS. In England, the average house price is £275,000, while the median income is £31,800. This cost is equivalent to a ratio of 8.7 years of income. In Wales, the average house price is £176,000, while the median income is £29,400. This cost is equivalent to a ratio of six years of income. In Scotland, the average house price is £166,000, while median income is £30,300. This cost is equivalent to a ratio of 5.5 years of income.